Why is it important: Some of the top mining pools, including Binance Pool, F2pool and ViaBTC, reported severe outages until early Saturday morning. According to official Telegram channels and numerous Reddit streams, the outages in the pool were largely caused by current DNS issues. Although the problem does not apply to the three pools mentioned, they account for over 35% of the total hashrate of the Bitcoin network.
The suspected attack on multiple Chinese cryptocurrency mining pools caused massive connectivity issues for users around the world as recently as Saturday morning. Alejandro De La Torre, cryptocurrency consultant and former vice president of the mining pool in Poolin, noted that the connectivity issues appear to have targeted and affected Chinese miners and pools in the first place.
De La Torre believes the problems, many of which are related to the DNS, could be the result of a DNS poisoning attack courtesy of the Chinese government in response to the country’s recent bans on cryptocurrency and mining. This type of DNS manipulation can lead to anything from failing domain name resolution to redirecting traffic to fraudulent sites. His speculations are fueled by the target base of the attack mainly by the Chinese and the timing, as this is due to the country’s recent measures to combat cryptocurrency mining.
In accordance with btc.comThe Binance Pool hash rate dropped more than 14% in 24 hours. F2pool and ViaBTC also suffered: traffic in both pools fell by 7-8%. Hash rate drop refers to the processing power that a miner or pool contributes to the overall network of a particular blockchain. Hash (h / s) is a special function that meets the blockchain requirements for solving encrypted computations. Mining speed for some currencies, such as Ethereum, is measured in megahashes per second (Mh / s) or 1,000,000 computational hashes per second (h / s). Bitcoin, on the other hand, is measured in exahashes per second (Eh / s). This much higher value corresponds to one quintillion h / s. That’s 1,000,000,000,000,000,000 hours per second for anyone wondering how many zeros were in a quintillion.
Most of the affected pools have notified their users of DNS changes that will help avoid further disruptions. Pool providers also recommended using VPN to avoid telecommunication restrictions.