Here’s the 51% Bitcoin (BTC) Attack Cost

Here’s the 51% Bitcoin (BTC) Attack Cost


Article image

Vladislav Sobov

An expert at Braiins Pool (formerly Slush Pool), the oldest Bitcoin (BTC) mining pool, shares details of the hypothetical scenario of a 51% attack on the largest blockchain

Contents

Bitcoin (BTC), the largest blockchain in terms of capitalization and hashing, is often referred to as the most secure decentralized system ever. That is why it is almost impossible to attack it at 51%.

$752,000 an hour for a 51% attack: is it worth it?

An anonymous mining expert and marketer at Braiins Pool who goes to @BTCGandlf on Twitter shared his accounts for the cost of a 51% attack on Bitcoin (BTC).

According to him, in theory, such an attack would require $752,000 in funds. However, he added that no single entity would be able to control such a portion of the fragmentation.

This pricing model is based on the SHA256 hash cost estimates provided by the NiceHash platform. However, in the real world, if this attack starts, the hash metrics will rise, making it more expensive.

advertisements

Besides the expensive hardware, a 51% hypothetical attack on the Bitcoin (BTC) network would also require a massive amount of electricity supply.

80% of Bitcoin (BTC) hash is controlled by five pools

As previously covered by U.Today, in 2014, GHash.io, one of the oldest Bitcoin (BTC) mining pools, was perilously close to 51% attacking Bitcoin: it controlled over 42% of its hash rate.

In 2022, such dominance seems almost impossible. However, some commenters on the @BTCGandalf account have raised concerns about the increasing centralization of Bitcoin (BTC) mining.

According to data provided by BTC.com, Foundry USA, F2Pool, Antpool, Binance Pool and ViaBTC are responsible for more than 80% of the Bitcoin (BTC) network hash rate.





Source link

Leave a Comment