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Professional of Braiins Pool (previously Slush Pool), oldest Bitcoin (BTC) mining pool, shared particulars of hypothetical situation of 51% assault on largest blockchain
Contents
Bitcoin (BTC), the largest blockchain by capitalization and hashrate, is usually known as probably the most safe decentralized system ever. Right here is why it’s virtually unimaginable to 51% assault it.
$752,000 per hour for 51% assault: Is it price it?
Nameless mining professional and advertising and marketing officer of Braiins Pool who goes by @BTCGandalf on Twitter has shared his calculations of the price of a 51% assault on Bitcoin (BTC).
The associated fee to 51% assault Bitcoin for 1 hour is $752,000.
Whereas theoretically that is potential, in apply it could be virtually unimaginable for one entity to manage that a lot hashrate concurrently.
— ₿ Gandalf (@BTCGandalf) September 16, 2022
In line with him, theoretically, such an assault would require $752,000 in funds. Nevertheless, a single entity wouldn’t be capable of management such a portion of hashrate, he added.
This pricing mannequin is predicated on the estimations of the SHA256 hashrate price offered by the NiceHash platform. Nevertheless, in actual world, ought to this assault be initiated, hashrate metrics would spike, making it much more costly.
Apart from expensive {hardware}, a hypothetical 51% assault on the Bitcoin (BTC) community may also require a monstrous quantity of electrical energy provide.
80% of Bitcoin (BTC) hashrate is managed by 5 swimming pools
As coated by U.Immediately beforehand, in 2014, GHash.io, one of many oldest Bitcoin (BTC) mining swimming pools, was dangerously near 51% attacking Bitcoin: it managed over 42% of its hashrate.
In 2022 such domination seems to be virtually unimaginable. Nevertheless, some commentators to @BTCGandalf’s calculation raised considerations about rising centralization of Bitcoin (BTC) mining.
As per knowledge offered by BTC.com, Foundry USA, F2Pool, Antpool, Binance Pool and ViaBTC are liable for over 80% of Bitcoin (BTC) community hashrate.
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