Hack Bytecoin for $557: New Findings Reveal Cost Of 51% ...
Cost of a 51% Attack for Different Cryptocurrencies Crypto51
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We consider Bitcoin to be immutable. But, even if only theoretically, it is possible to rewrite the ledger with a 51% attack. When ever I have been asked about this I have always said, “yes it is possible, but it would take a military grade budget” What would be the real cost of doing a 51% attack when factoring the cost of machines, the cost of energy consumption and other indirect/direct cost?
[request] What is the real cost of doing a 51% attack on Bitcoin?
A core value proposition of Bitcoin is that there is one shared ledger across a decentralized network of computers, so if someone tries to retroactively re-write a transaction to say that they received more money then they did the network would invalidate that attempt because it’s inconsistent with the ledger of transactions that everyone else considers valid. But, if you control 51% of the network then you could theoretically do the above. What would the real cost of a 51% attack be when you include the cost of machines, the cost of power consumption and other direct/indirect cost?
Is it true that it only costs ~ half a million dollars to rent enough computational power to 51% attack the bitcoin network? Even if this figure is off by a factor of 10 or whatever, isn't it likely that the Federal reserve would consider such a method to damage bitcoins reputation?
I'm trying to understand what measures, if any, the central banks of the world might attempt to try to keep their control and power of the fiat system. This is not an attempt to bash crypto, I'm simply intrigued and curious about what steps the central banks of the world might take to try to preserve their power during the advancement of cryptocurrency. If this particular concern of renting hash power is not concerning to you, are there other concerns about ways that the governments of the world might attempt to hinder or limit cryptocurrency? Or do you think they have absolutely no power to do that? Certainly they can spin the media, but I'm curious about more direct approaches they might take, whether it be legislation or direct intervention of some other sort.
To acquire more than 50 percent of the Bitcoin network, an attacker would need at minimum the same number of ASICs that are already in circulation. Network hash rate / terahashes per ASIC = number of ASICs necessary to acquire 50 percent * 41,483,931 network terahashes / 14 terahashes = 2,963,138 S9is * 41,483,931 network terahashes / 23 terahashes = 1,803,649 T15s Calculations for total current ASIC usage: 2,963,138 * 1.75 (crude estimate accounting for older models) = 5,185,492
2,963,138 S9is * $307 per S9i = $909,683,366
1,803,649 T15s * $913 per T15 = $1,646,731,537
Including bulk discount of 10 percent for the size of the purchase and economies of scale.
Total for S9is after discount = $818,715,029
Total for T15s after discount = $1,482,058,383
Infrastructure costs such as housing are a multiple of hardware costs from anywhere between an additional 22 percent to 40 percent, according to the CEO of a large-scale mining operation based in Canada. We will use the low figure to again account for economies of scale.
Variable Costs: Costs of daily electricity consumption for S9i: * 2,963,138 ASICs * 1320W = 3,911,342,160 Watts * 3,911,342,160 Watts / 1000 = 3,911,342 kWh * 3,911,342 kWh * 24 hours = 93,872,212 kWh per day * 93,872,212 * $0.03 per kWh = $2,816,166 per day in electricity Electricity costs based the low-end of the electricity rates in Washington State, the state with the average lowest electricity costs in the United States: https://www.electricitylocal.com/states/washington/ Costs of daily electricity consumption for T15: * 1,803,649 T15s * 1541 Watts = 2,779,423,109 Watts * 2,779,423,109 Watts / 1000 = 2,779,423 kW * 2,779,424 kW * 24 hours = 66,706,155 kWh * 66,706,155 kWh * $0.03 per kWh = $2,001,185 per day in electricity Cost of labor and maintenance above electric costs: 10%. This is an estimate based on an interview with two different large-scale miners in Canada and Georgia who chose to remain anonymous. Average kWh: ((((3,911,342,160 Watts + 2,779,423,109 Watts) / 2) * 24 hours) * 365 days) / 1E12 watt hrs per terawatt hrs = 29.3 TWh This estimate is short of Denmark’s oft-cited annual energy consumption of 32 TWh, closer to Morocco's consumption of 29 TWh.
The True Cost of 51% Attacks on Bitcoin, Ethereum, XRP, Bitcoin Cash, Litecoin and the Crypto-Verse https://goo.gl/3AvHjd - Crypto Dynamic Info - Whales's
Posted at: January 8, 2019 at 11:54PM By: The True Cost of 51% Attacks on Bitcoin, Ethereum, XRP, Bitcoin Cash, Litecoin and the Crypto-Verse https://goo.gl/3AvHjd Automate your Trading via Crypto Bot : http://bit.ly/2GynF9t Join Telegram Channel for FREE Crypto Bot: Crypto Signal
The cost of a Bitcoin 51% attack. Bitcoin remains the largest and most popular cryptocurrency at the moment. Valued currently at $6,000 with a market cap of about 131.83 bln, you can understand what there is to gain when you successfully get hold of 51 percent control. The hash rate is currently about six exahashes per seconds. Considering the most efficient ASIC miner with a hash rate of ... One Bitcoin (BTC) for 51% attack. Moreover, today's problems with Bitcoin Cash (BCH) are not only connected to cold coffee. With this dramatic exodus of miners, the most important fork of Bitcoin (BTC) has become extremely vulnerable to a 51% attack, i.e. for an unintended network split. As highlighted by Lina Seiche, Marketing Director of the BTSE trading platform, malefactors could attack ... Hack Bytecoin for $557. 51Crypto, which includes in its listings Bitcoin, Ethereum, Bitcoin Cash, Litecoin and Monero, states the cost of a one-hour 51% attack, along with how much of the required hashing power an attacker could purchase from a standard rental service such as NiceHash.. The list makes for daunting reading. Bytecoin, a CryptoNight coin with a market cap of just under $1 billion ... Estimation of the cost of a 51% attack on the Bitcoin network. Converter, Information and Tools. Home Information Bitcoin Tools. Menu. Deutsch English Español Français Italiano 中文 ← Tools Cost of a 51% attack. $21,700,646,392 Hardware cost only, at cheapest rate The attack would consume 298,383,888 kWh per day (14,919,194 $ per day) Tweet ... 51% Attack on Bitcoin Cash Alarmingly Cheap. Crytpo 51 shows a list of PoW coins including Bitcoin, Ethereum, Litecoin, Bitcoin Cash, and more. The cost per hour for staging a 51% attack that could seriously damage the integrity of the Bitcoin Cash network is now outstandingly cheap.
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Watch live: https://ivanontech.com/live Roger Ver was interviewed here on the channel recently and we will start the episode by recapping what actually happened and my opinion of the interview. Then we're going to discuss 51% Attacks ... What is a 51% attack and why is it only possible with Proof-Of-Work cryptocurrencies like Bitcoin and ZenCash? Lets review how all PoW coins can be the victim of a double spend hack and how much ... Open An Account With Binance! https://www.binance.com/?ref=22170588 ----- Sign up a... Tax Free Crypto, XRPTip Bot Ban, Bitcoin Gold 51% Attack, Assets On XRP & Bitcoin Price Bounce The Modern Investor. Loading... Unsubscribe from The Modern Investor? ...