ViaBTC Clarifies 51% Hashrate Control Concerns on Zcash Network

Last week, Coinbase took precautionary steps after noticing that ViaBTC‘s mining pool had a 51% hashrate on the Zcash network. Electric Coin Company, the entity behind Zcash, confirmed the situation and even suggested a potential switch from PoW to PoS as a solution. ViaBTC has now released an official statement dismissing claims of controlling more than 51% of Zcash’s hashrate, according to happycoin.

ViaBTC says they don’t control the 51% hashrate. They attribute the high hashrate to individual Zcash miners who use their mining pool. According to ViaBTC, they merely provide a platform for these miners and do not control the hashrate themselves. Therefore, any claim that ViaBTC controls a majority of the Zcash network’s computational power is not accurate.

As a longstanding mining pool operator, ViaBTC has been contributing to the PoW community since 2016. They are fully aware of the risks associated with a 51% attack. ViaBTC emphatically stated they have neither the motivation nor the ability to conduct such an attack on the Zcash network. They highlight their longstanding support for Zcash, thanking the mining community for its trust even in the face of hashrate fluctuations.

In a world where blockchain integrity is paramount, this news brings a sigh of relief to many. ViaBTC emphasized that they continue to prioritize user experience and aim to offer miners around the world extensive support tools and stable, efficient mining services.