While most of the developments in the cryptocurrency industry have focused on bitcoin payments or blockchain applications, there are still a lot of entities that are battling to dominate the bitcoin mining arena. After all, the blockchain is distributed among the computers part of the mining network, which suggests that it is still possible for a single entity to take control of the entire system.
One of the most popular features of the bitcoin mining network is that any changes in the blockchain must be updated in all computers involved. If there is a discrepancy, the network will favor the version that is found in majority of the bitcoin mining computers.
Bitcoin Mining Supremacy
Bitcoin network analysis company Blocktrail keeps track of the entities that are able to increase their processing power to mine more bitcoins. Some individuals even decide to pool their resources together in hopes of increasing their bitcoin mining capabilities.
Several small unknown entities are known to control as little to 0.1% to as much as 0.66% of bitcoin mining. Other companies in the list include P2Pool.org, which