Controlling the Bitcoin network would cost an attacker approx. $7.9 billion in equipment and around $2,000,0000 in energy costs per hour.
Destroying a #house is much easier.
It is obvious which is the better store of value.
The cost of the equipment ($7.9 billion) is based on a calculation that suggests the three largest pools together account for 66.87% of the network hashrate (in June 2023), a whopping 242.42 EH/s (242 million TH/ s).
An attacker would therefore need more power.
To achieve this, the attacker would need more than 941,634 S19 XP Hydros - which would mean a fixed cost of almost $7.9 billion, plus a building to house the equipment, maintenance staff, electricity and cooling etc.
The cost of the hashrate is based on an extremely simplified and unrealistic cost modeling based on the price of the SHA256 hashrate on nicehash (inspired by BTCGandalf (npub1ac8…657s)).
If someone tried to buy this much hashrate, the would rise massively, making it more costly.
leonwankum / Leon
npub1v5…m8rd9
2024-02-13 10:10:14
Author Public Key
npub1v5k43t905yz6lpr4crlgq2d99e7ahsehk27eex9mz7s3rhzvmesqum8rd9Published at
2024-02-13 10:10:14Event JSON
{
"id": "89eefd5d2d00a8727c455deb53a573386bfbf17bd4455792212d7a96b4a1b1e8",
"pubkey": "652d58acafa105af8475c0fe8029a52e7ddbc337b2bd9c98bb17a111dc4cde60",
"created_at": 1707819014,
"kind": 1,
"tags": [
[
"t",
"house"
],
[
"p",
"ee0e01eb17fc6cb4cd2d9300d2f8945b51056514f156c6bc6d491b74496d161a",
"",
"mention"
]
],
"content": "Controlling the Bitcoin network would cost an attacker approx. $7.9 billion in equipment and around $2,000,0000 in energy costs per hour.\n\nDestroying a #house is much easier.\n\nIt is obvious which is the better store of value.\n\nThe cost of the equipment ($7.9 billion) is based on a calculation that suggests the three largest pools together account for 66.87% of the network hashrate (in June 2023), a whopping 242.42 EH/s (242 million TH/ s). \n\nAn attacker would therefore need more power. \n\nTo achieve this, the attacker would need more than 941,634 S19 XP Hydros - which would mean a fixed cost of almost $7.9 billion, plus a building to house the equipment, maintenance staff, electricity and cooling etc. \n\nThe cost of the hashrate is based on an extremely simplified and unrealistic cost modeling based on the price of the SHA256 hashrate on nicehash (inspired by nostr:npub1ac8qr6chl3ktfnfdjvqd97y5tdgs2eg579tvd0rdfydhgjtdzcdqnr657s). \n\nIf someone tried to buy this much hashrate, the would rise massively, making it more costly.\n\n",
"sig": "ae408c65d2088b605a3e521882f314eee96bc688d8834469761a04a54f9caea061807aa6c6ed6095b1b63c89e63568a52b7b38c94338e6a90e4cda64801bd902"
}