3 ms·
It’s definitely not all of those when >= 51% of the mining power is in the PRC.
by aplummer 9y ago
It’s definitely not all of those when >= 51% of the mining power is in the PRC.
- brndnmtthws 9y agoMiners actually have a lot less power than people realize. Anyone can run their own fully-validating Bitcoin node. Miners do indeed mine the blocks, but _all_ nodes perform verification. If miners try to mine invalid blocks, Bitcoin nodes will simply reject them.
- brucephillips 9y agoIf you don't understand the danger of a single party controlling the majority of mining resources, you don't understand how BTC works.
- geofft 9y agoWhat do you mean by "invalid"? My impression is that if you control 51% of the mining power and have at least some amount of control over the physical network path to your victim (e.g., ability to inject RST packets), you can execute double-spend attacks. Are double-spend attacks not a concern? If they are not a concern, why do we need so much computational capacity for mining?
- EA 9y agoWhy shouldn't it be? With the cheap electricity and their massive population, they have a very high mining power per capita potential.