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Bitcoin didnt require initial investments of mining hardware, initially it was mined with normal computers. Mining hardware is more like a running cost that goe
by spurdoman77 7y ago
Bitcoin didnt require initial investments of mining hardware, initially it was mined with normal computers. Mining hardware is more like a running cost that goes up with usage/value.
- saalweachter 7y agoThe specialized mining hardware is a red herring. The security of the Bitcoin network isn't a function of its hashrate or the number of nodes, though these things correlate; it's a function of the cost of running it. Regardless of whether the network is run on specialized hardware, old desktops, or TI-83s, the network is only secure so long as it costs enough to run that any motivated attacker would have to spend more money than they can leverage to attack it.
- imustbeevil 7y agoThere is even a site that tells you how much money you'd need to run 51% attacks on different cryptocurrencies. (It looks like the site used Nicehash payouts as a data point but Nicehash is down/being updated so those values are no longer there, but I found an article with a screenshot from May last year.) https://thenextweb.com/hardfork/2018/05/30/heres-how-much-it-costs-to-launch-a-51-attack-on-pow-cryptocurrencies/ https://thenextweb.com/hardfork/2018/05/30/heres-how-much-it...