Bitcoin Core developer Luke Dashjr raised concerns about the finality of Bitcoin transactions, saying the widely accepted six-block verification rules are no longer maintained.
He said the finalization of the transaction took more than a week, raising doubts about Bitcoin’s resistance to censorship.
Finality refers to the point where it becomes virtually impossible to reverse a transaction due to the necessary computational power. Traditionally, this threshold was reached when six blocks were added after the original transaction.
Why Bitcoin transactions take time to finalize
Dashjr argues that traditional standards no longer apply due to the increased centralization of the Bitcoin mining pool. In a February 8th post, he explained that he was trying to update his six-block confirmation target with Bitcoin Knot, an alternative to Bitcoin Core.
However, his calculations showed that Antpool needs over 800 blocks to achieve 95% security due to a significant share of the network hashrate. This is about 5.5 days equivalent.
Data from the hashrate index shows that the Antpool controls approximately 16.67% of the total hash power of Bitcoin, with Trailing Foundry USA at 33.12%. Other major pools include F2pool (8.87%), Mara Pool (6.06%) and Secpool (5.19%).
However, Dashjr has challenged these figures, claiming that several pools, such as Braiins and Viabtc, act as proxy for Antpool, making their impact much greater. He also said many miners are unconsciously contributing to the reorganization of potential networks by operating under a centralized pool.
Industry concerns
Industry experts reflect these concerns, warning that the increased advantages of several mining pools expose Bitcoin to potential censorship and 51% attacks.
Barefoot Mining CEO Bob Burnett said that when a single entity controls a significant portion of the network’s hash power, it can manipulate the blockchain by reorganizing transactions.
He pointed out:
“At least (the threat) is that Bitcoin exists to withstand censorship, which also means that immutability takes a very long time to achieve.”
With this in mind, Burnett proposed that retail investors play a role in restoring decentralization.
He suggested publicly traded mining companies put pressure on them to spread hash power to smaller pools and not control a single entity that exceeds 15% of Bitcoin’s network. If miners refuse, they believe investors should sell their shares and publicly call non-compliant companies to maintain the decentralized nature of Bitcoin.
Meanwhile, not everyone agrees that this issue is as serious as DashJR claims. Daniel Roberts, co-founder of Iris Energy Ltd, downplays these concerns and suggests that Bitcoin designs can self-tune over time.
Roberts added:
“Bitcoin may not be perfect. We should continue to try and improve it, but these types of issues are generally intentionally built into self-correction or design.”
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