3 ms·
The article takes the hashrate and cost of electricity as a proxy of the cost of maintaining the bitcoin network, but there is no need for a proxy because the c
by varajelle 4y ago
The article takes the hashrate and cost of electricity as a proxy of the cost of maintaining the bitcoin network, but there is no need for a proxy because the cost of maintaining the network is, by definition the block reward and the transaction fees. No wonder that the two estimates are about the same, because the hashrate directly depends on the rewards and the price of bitcoin and electricity.
- cowtools 4y agoOkay, but consider that bitcoin's comparative hashrate must be greater than that of an attacker in order for it to resist an attack.
- tromp 4y agoAgain that can be phrased without a hashrate reference. If the daily block rewards (subsidy + fees) becomes a small enough fraction of market cap, then 51% attacks become likely.