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I did some quick math a while ago on the cost to buy 51% [0]. When I did it the network hashrate was 44,000,000 TH/s and if you could buy enough S9i's to the s
by lawn 7y ago
I did some quick math a while ago on the cost to buy 51% [0].
When I did it the network hashrate was 44,000,000 TH/s and if you could buy enough S9i's to the same low price, it would cost you around $650 million. This is excluding any other infrastructure you'd need and of course the power you'd use to perform the attack. And since I did the calculations the hashrate has -doubled-, making it cost quite a bit more than a billion.
Now maybe you can get off cheaper if you try to rent the hashrate. Around $18 million of BTC is mined per day, say you can get 50% for $10 million per day. So yes maybe you can do it for 40 days, if you want to risk a large part of that billion. And face the quite massive risk of tanking Bitcoin's value or facing devs who might launch a "protective hard fork".
(This is assuming you -can- buy or rent enough hashrate, which is very uncertain).
There are checkpoints in BTC, although they haven't been added since 2014.
[0]: https://whycryptocurrencies.com/how_do_cryptocurrencies_work.html#economics-of-a-51%-attack https://whycryptocurrencies.com/how_do_cryptocurrencies_work...
- oh_sigh 7y agoBy the time you could source that many S9is, the hash rate would be higher, requiring you to source more, at which point maybe newer and better chips have come out, raising the hash rate yet again, making your investment worthless.