The Reason Why The Bitcoin Blockchain Cannot Be Hacked
Bitcoin (BTC), the most valuable blockchain in terms of value and hashrate, is sometimes referred to as the most secure decentralized system ever created. Here’s why a 51% assault is nearly difficult.
Anonymous mining specialist and Braiins Pool marketing officer @BTCGandalf on Twitter has released his estimations for the cost of a 51% attack on Bitcoin.
According to him, such an attack would potentially need $752,000 in finances. He stated that a single organization would not be able to control such a large chunk of hashrate. This price model is based on the NiceHash platform’s estimates of the SHA256 hashrate cost.
However, if this assault were to be launched in the real world, hashrate measurements would skyrocket, making it much more costly. Aside from expensive gear, a hypothetical 51% attack on the Bitcoin network will need a massive quantity of electrical supply.
GHash.io, one of the earliest Bitcoin mining pools, was perilously close to 51% attacking BTC in 2014, controlling more than 42% of its hashrate.
Such dominance appears to be nearly unachievable in 2022. Some commenters on @BTCGandalf’s computation, however, expressed worry about growing the centralization of Bitcoin mining. According to BTC.com, Foundry USA, F2Pool, Antpool, Binance Pool, and ViaBTC account for more than 80% of the BTC network hashrate.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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The Reason Why The Bitcoin Blockchain Cannot Be Hacked
Bitcoin (BTC), the most valuable blockchain in terms of value and hashrate, is sometimes referred to as the most secure decentralized system ever created. Here’s why a 51% assault is nearly difficult.
Anonymous mining specialist and Braiins Pool marketing officer @BTCGandalf on Twitter has released his estimations for the cost of a 51% attack on Bitcoin.
According to him, such an attack would potentially need $752,000 in finances. He stated that a single organization would not be able to control such a large chunk of hashrate. This price model is based on the NiceHash platform’s estimates of the SHA256 hashrate cost.
However, if this assault were to be launched in the real world, hashrate measurements would skyrocket, making it much more costly. Aside from expensive gear, a hypothetical 51% attack on the Bitcoin network will need a massive quantity of electrical supply.
GHash.io, one of the earliest Bitcoin mining pools, was perilously close to 51% attacking BTC in 2014, controlling more than 42% of its hashrate.
Such dominance appears to be nearly unachievable in 2022. Some commenters on @BTCGandalf’s computation, however, expressed worry about growing the centralization of Bitcoin mining. According to BTC.com, Foundry USA, F2Pool, Antpool, Binance Pool, and ViaBTC account for more than 80% of the BTC network hashrate.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join CoinCu Telegram to keep track of news: https://t.me/coincunews
Follow CoinCu Youtube Channel | Follow CoinCu Facebook page
Harold
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