6 ms·
Unprofitable to operate in friendly conditions* If you can flip a switch and 10x the hashrate of a network, all under your control, and you don’t care about ki
by hudon 8y ago
Unprofitable to operate in friendly conditions*
If you can flip a switch and 10x the hashrate of a network, all under your control, and you don’t care about killing the chain in your attack, it may be a perfect exit for you if you no longer want to play the mining game.
There’s actually a mining pool doing something like this on smaller PoW bitcoins https://sharkpool.cash https://sharkpool.cash (not associated, just think it’s interesting)
- dbldogdareudang 8y agoGreat. Self-aggrandizing tech-cultists utilized collective effort for creating shit tons of already outdated hardware to increase ephemeral “value numbers” that only exists in a database (net worth). The tech world has jumped the shark. It’s now producing fart pipes and spinner rims to justify investment, rather than truly useful invention.
- pedrocr 8y agoHow do you cash out on this kind of attack if by your own actions you're crashing the value of the coin?
- hudon 8y agoShort it.
- dlubarov 8y agoOr double spend. E.g. you could send coins to an exchange, cash out, then mine off an old block to get your coins back.
- hudon 8y agoVery true. I still believe this happened in Bitcoin in 2013... When Pieter Wuille and Luke DashJr decided to abandon the v0.8 fork and told the miners to hop on v0.7, they could have easily sold v0.8 coins...
- kss238 8y agoAny large miner will be profitable mining long before they have more dormant hashing power to 51% bitcoin.
- amluto 8y agoCan you explain why this is the case, especially when the value of BTC is declining? The capital costs (ASICs and the power hookups) are sunk costs, and if it stops being profitable to opwerate all the ASICs honestly, or even to operate any of them if you don't have the lowest cost per hash on the network, then it may be quite valuable to attack the network and barely valuable at all to continue mining normally.
- Isinlor 8y agoQuite likely an attack on BitCoin would send the price trough the floor before you would be able to cash out.
- deleted 8y ago[deleted]