In a surprising turn of events, Bitcoin Miner Marathon Invalid Block, causing ripples across the cryptocurrency community. This incident highlights potential vulnerabilities in Bitcoin mining and raises important questions about the robustness of mining protocols. As the community analyzes the reasons behind the invalid block, understanding the implications of this event is crucial for anyone involved in cryptocurrency mining and trading. This article delves into how Bitcoin Miner Marathon mined an invalid block, exploring its impact on the network and what it means for the future of Bitcoin.
Yesterday, Bitcoin mining firm Marathon Digital reportedly mined an invalid block at height 809487 on the Bitcoin mainnet due to a transaction ordering issue.
The firm stated that the issue occurred during an “experiment” aimed at optimizing the firm’s operations. It stressed that it wasn’t trying to alter the network in any way.
Marathon addressed the situation in an X post which states,
“The error was the result of an unanticipated bug that came from one of our experiments. In no way was this experiment an attempt to alter Bitcoin Core in any way. Our team noticed the invalid block around the same time as the rest of the world, and we immediately corrected the error. This incident, while unintended, underscores the robust security of the Bitcoin network, which rejected and rectified the anomaly.”
Marathon said the bug, which emanated from the firm’s internal development environment, wasn’t related to Marathon’s Bitcoin production pool or Bitcoin Core, the leading software used to connect to the Bitcoin network and run a node.
The incident occurred on Sept. 26 at 9:42 pm UTC on block 809,478, according to Mempool.space.
Several Bitcoin developers, along with BitMEX Research, attributed the invalid block to a “transaction ordering issue.” Bitcoin developer “mononaut” believes Marathon mistake came from re-sorting the transactions in order of ascending absolute fees.
Bitcoin analyst Dylan LeClair suggested that Marathon should have conducted this experiment on a testnet before attempting it on Bitcoin’s mainnet.
In reflection, Marathon said Bitcoin “functioned exactly as designed” by excluding the invalid block:
“This incident, while unintended, underscores the robust security of the Bitcoin network, which rejected and rectified the anomaly.”
Marathon’s (MARA) share price fell 2.91% to $8.01 during opening hours on September 27, according to Google Finance.
Bitcoin Miner Marathon Invalid Block
The incident where Bitcoin Miner Marathon mined an invalid block highlights the challenges and complexities involved in Bitcoin mining. An invalid block occurs when a mined block fails to meet the network’s consensus rules, rendering it incompatible with the blockchain. In Marathon’s case, the invalid block resulted from a transaction error, causing the block to be rejected by the network. Understanding why Bitcoin Miner Marathon mined an invalid block is essential for identifying potential improvements in mining operations and ensuring network stability.
One of the key factors leading to the Bitcoin Miner Marathon invalid block was a miscalculation in transaction verification. Marathon’s mining pool inadvertently included a transaction that did not conform to the network’s consensus rules, leading to the block’s invalidation. This error underscores the importance of rigorous verification processes in mining operations. As the community seeks to prevent similar incidents, analyzing how Bitcoin Miner Marathon mined an invalid block can provide valuable lessons for enhancing the security and reliability of mining pools.
The Bitcoin Miner Marathon invalid block incident also raises questions about the impact of such errors on the Bitcoin network. While the invalid block was quickly identified and rejected, it highlights potential vulnerabilities that could be exploited by malicious actors. Ensuring the integrity of the blockchain requires robust validation protocols and continuous monitoring of mining activities. By examining the circumstances under which Bitcoin Miner Marathon mined an invalid block, stakeholders can better understand the importance of maintaining a secure and resilient network.
Moreover, the fact that Bitcoin Miner Marathon mined an invalid block has implications for the broader cryptocurrency community. It serves as a reminder of the need for transparency and accountability in mining operations. As miners strive to uphold the network’s integrity, incidents like this highlight the importance of adhering to best practices and implementing rigorous quality control measures. Understanding how Bitcoin Miner Marathon mined an invalid block can inform the development of industry standards and guidelines for preventing similar occurrences in the future.
In conclusion, the event where Bitcoin Miner Marathon mined an invalid block underscores the complexities of Bitcoin mining and the need for stringent verification processes. By analyzing the causes and consequences of this incident, miners can gain insights into improving their operations and safeguarding the network. As the cryptocurrency landscape continues to evolve, staying informed about developments and challenges in mining will be crucial for ensuring the success and sustainability of the Bitcoin ecosystem.
Crypto Exchange Kraken Plans To Offer Trading In US-Listed Stocks
Crypto exchange Kraken is reportedly looking to expand into the traditional financial markets. According to a Bloomberg report, Kraken plans to offer trading in US-listed stocks and exchange-traded funds in the US and UK through a service built by a new division called Kraken Securities.
The new service, which is expected to launch in 2024, reportedly already holds the required regulatory permits in the UK and has applied with the Financial Industry Regulatory Authority for a broker-dealer license in the US.
A Kraken spokesperson addressed the report stating,
“Kraken is always exploring how it can power the global adoption of cryptocurrencies. While we can’t comment on rumors or speculation, we’re looking to broaden and enhance our offering so clients continue to have secure and seamless access to Kraken’s full product suite.”
Crypto firms are trying to expand their services after a less-than-stellar last year for the sector. Some of them are trying to get approval from the U.S. Securities and Exchange COmmission for a spot bitcoin ETF.
Founded in 2011, Kraken is one of the oldest names in crypto, and it has survived several bear markets – including the one last year that saw companies from FTX to Celsius Network implode.
Its push into equities comes almost two years after Bitcoin peaked close to $69,000, giving way to a “crypto winter” that has dampened the industry’s allure and sapped volumes.
This move into equities is far from a surefire bet. It will bring Kraken into a crowded market of zero-commission players like Robinhood Markets Inc. and Public.com. It also comes after the frenzy of retail trading unleashed by the Covid-19 pandemic has largely fizzled out.
Public.com expanded into the UK in July, while Robinhood plans to launch brokerage services to people in the country this year.
After stock trading over Kraken goes live, eligible customers will be prompted to activate the service. Those who do so will see their portfolio of crypto, stocks, and ETFs presented as a single balance.
Kraken is also building out its prime brokerage services, and launching a qualified custodian for institutional clients in coming weeks, according to a person familiar with that effort. The custody service will be run separately from the exchange and Kraken has applied for approval with the state of Wyoming, the person said.
Kraken has taken market share this year even as trading volumes dropped.
The gains have come in large part at the expense of market leader Binance, which was founded six years after Kraken and has been hit by a crackdown from regulators around the world this year. At 3.5%, Krakens share of global spot trading is the highest since 2018, according to CCData.
Curve Founder Michael Egorov Deposits $35M CRV To Settle Debt On Aave
According to blockchain analytics firm Lookonchain, Curve founder Michael Egorov has settled his remaining debt position on DeFi lending platform Aave by repaying it using the stablecoin Tether (USDT).
Egorov reportedly secured the USDT by depositing 68 million CRV ($35.3 million) to the non-custodial lending protocol Silo Finance and converting borrowed 10.8 million of crvUSD into USDT over the past two days.
CRV is currently trading at 53 cents, having risen by 3.48% in the past 24 hours, according to CoinDesk data.
In August, Egorov raised $42 million through over-the-counter (OTC) sales of CRV tokens to pay off $80 million of on-chain debt, this came after a market-wide tumble in asset prices which put Egorov’s CRV positions on DeFi lenders dangerously close to liquidation.
In the event of liquidation, Aave would have had to sell the CRV put up as collateral to the open market, which would have had a cascading effect due to a lack of liquidity.
Now, Egorov has 253.67 million CRV tokens ($132.52 million) in collateral and $42 million in debt across four DeFi lenders, according to Debank.
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