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Governments would have to source the specialised chips used to solve the Bitcoin hash function. While that's possible, it's not as easy as repurposing existing

by lifty 5y ago

Governments would have to source the specialised chips used to solve the Bitcoin hash function. While that's possible, it's not as easy as repurposing existing computing hardware.

JumpCrisscross 5y ago
> would have to source the specialised chips used to solve the Bitcoin hash function Specialised hardware is more efficient. It is not necessary. A combination of owned computing and purchased general-purpose cloud resources would do the trick, albeit sloppily and a bit more expensively than it would have been with specialist hardware.
- celticninja 5y ago
  One ASIC is the equivalent of 1000 GPUs, and 1 GPU is equivalent to 1000 CPUs. So whilst what you say is possible, it is not likely. Even if the CCCP required every CPU in China to mine bitcoin it would not come close to the required 51%. Even if we factored in half the country having a GPU to add to the effort it would not be enough. If they wanted to do it they would have confiscated the mining equipment rather than have people send it abroad. Even manufacturing enough ASICs to mount a 51% attack would be difficult for a nation state to achieve. China's best bet was confiscating existing equipment and they pretty much prevented that by forcing it out of their country.
  - JumpCrisscross 5y ago
    You’re thinking at the scale of individuals, not nation states. Tens of billions of dollars will buy the necessary computing.
    - celticninja 5y ago
      There is a huge chip shortage right now so yes it could be bought but it would be inefficient and take a long time. Seizing the existing miners in China would be a simple task for the authorities there but they didn't do it. They are not going to spend tems of billions to attack bitcoin when they could have done it for the cost of the power alone.
      - JumpCrisscross 5y ago
        > They are not going to spend tems of billions to attack bitcoin when they could have done it for the cost of the power alone Because they don't want to. Because it's in nobody's interest to blow up Bitcoin. It's a money maker, a tax maker, and nobody has gotten too badly hurt yet. I was responding to the assertion that China now can't disable Bitcoin. That's not true.

by lifty 5y ago

Governments would have to source the specialised chips used to solve the Bitcoin hash function. While that's possible, it's not as easy as repurposing existing computing hardware.

JumpCrisscross 5y ago

> would have to source the specialised chips used to solve the Bitcoin hash function Specialised hardware is more efficient. It is not necessary. A combination of owned computing and purchased general-purpose cloud resources would do the trick, albeit sloppily and a bit more expensively than it would have been with specialist hardware.

celticninja 5y ago
One ASIC is the equivalent of 1000 GPUs, and 1 GPU is equivalent to 1000 CPUs. So whilst what you say is possible, it is not likely. Even if the CCCP required every CPU in China to mine bitcoin it would not come close to the required 51%. Even if we factored in half the country having a GPU to add to the effort it would not be enough. If they wanted to do it they would have confiscated the mining equipment rather than have people send it abroad. Even manufacturing enough ASICs to mount a 51% attack would be difficult for a nation state to achieve. China's best bet was confiscating existing equipment and they pretty much prevented that by forcing it out of their country.
- JumpCrisscross 5y ago
  You’re thinking at the scale of individuals, not nation states. Tens of billions of dollars will buy the necessary computing.
  - celticninja 5y ago
    There is a huge chip shortage right now so yes it could be bought but it would be inefficient and take a long time. Seizing the existing miners in China would be a simple task for the authorities there but they didn't do it. They are not going to spend tems of billions to attack bitcoin when they could have done it for the cost of the power alone.
    - JumpCrisscross 5y ago
      > They are not going to spend tems of billions to attack bitcoin when they could have done it for the cost of the power alone Because they don't want to. Because it's in nobody's interest to blow up Bitcoin. It's a money maker, a tax maker, and nobody has gotten too badly hurt yet. I was responding to the assertion that China now can't disable Bitcoin. That's not true.