#Bitcoin miners could censor and manipulate transactions. Wouldn't it be possible to just buy 51% of the network?
⇒ NO!
Performing a 51% Attack on #BTC seems easy, but in practice it's not possible.
Here is why:
Tremendous amount of Resources needed
⇒ To successfully perform such an attack, you would need to control more than half of the total hashing power.
⇒ This would require a massive investment in mining hardware, electricity, and infrastructure, making the attack financially unfeasible.
⇒ Where do you even get all this hardware with massive shortages?
⇒ Additionally, during such an attack would the network grow even more. Thus, increasing the cost of such an attack more and more.
⇒ It's an uphill battle...
No gains = no incentive
⇒ Even if someone manages to do that, the difficulty adjustment doesn't work in your favor, and you needed to maintain the power over a longer period of time to really make an impact.
⇒ And all those resources would be for nothing, because all those mined #BTC would be worthless at that point.
⇒ So you have 0 gains and therefore 0 incentive to do such an attack.
⇒ The financial gain would be much bigger, if the miners simply play by the rules.
A 51% Attack on #Bitcoin is not only physically impossible, but also would bankrupt the player who performs it.
Proving that #Bitcoin is actually the only sound digital money on the planet!
robinseyr / Robin Seyr
npub1d9…pyh73
2023-04-28 20:00:02
Author Public Key
npub1d9ul75ee7ja8j2n93p0whs67dc8g625fhljk2k60329lnrnmkjvsfpyh73Published at
2023-04-28 20:00:02Event JSON
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"content": "#Bitcoin miners could censor and manipulate transactions. Wouldn't it be possible to just buy 51% of the network? \n⇒ NO!\n\nPerforming a 51% Attack on #BTC seems easy, but in practice it's not possible. \n\nHere is why: \n\nTremendous amount of Resources needed\n⇒ To successfully perform such an attack, you would need to control more than half of the total hashing power. \n⇒ This would require a massive investment in mining hardware, electricity, and infrastructure, making the attack financially unfeasible. \n⇒ Where do you even get all this hardware with massive shortages?\n⇒ Additionally, during such an attack would the network grow even more. Thus, increasing the cost of such an attack more and more.\n⇒ It's an uphill battle...\n\nNo gains = no incentive \n⇒ Even if someone manages to do that, the difficulty adjustment doesn't work in your favor, and you needed to maintain the power over a longer period of time to really make an impact. \n⇒ And all those resources would be for nothing, because all those mined #BTC would be worthless at that point. \n⇒ So you have 0 gains and therefore 0 incentive to do such an attack. \n⇒ The financial gain would be much bigger, if the miners simply play by the rules. \n\nA 51% Attack on #Bitcoin is not only physically impossible, but also would bankrupt the player who performs it. \n\nProving that #Bitcoin is actually the only sound digital money on the planet!",
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