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That's not really the case. There were representatives for 90% of the hashing power, but pools are composed of many individuals who each own their own rigs, and
by Taek 11y ago
That's not really the case. There were representatives for 90% of the hashing power, but pools are composed of many individuals who each own their own rigs, and companies like BitFury are also composed of many people. There was 1 or 2 representatives from each organization out of the many that actually participate in the mining process.
It's not great, but if you look at Ethereum you'll see the same distribution (2 pools have 50%, 4 pools have 75%) and Ethereum does not have anywhere near the same throughout load, which is where most of the centralization pressure comes from. Further, Ethereum is supposedly much more vulnerable to selfish mining attacks, which means a pool that decides to start doing selfish mining should be able to overtake the others in terms of profitability very quickly.