Re:Bitcoin price crash forces miners off network
by variaga on Monday March 16, 2020 @06:15PM
(#22598647)
For security, the cost of the hashing needs to be greater than the value of being able to subvert the bitcoin network with 51% attacks.
If the cost of the hashing power is less than the value, then the incentive is to just buy the hashing power and do the 51% attacks.
So to the extent that bitcoin has any value at all, it's going to either burn an amount of electricity greater than the value of a network compromise, or it's not going to be secure.
If the cost of the hashing power is less than the value, then the incentive is to just buy the hashing power and do the 51% attacks.
So to the extent that bitcoin has any value at all, it's going to either burn an amount of electricity greater than the value of a network compromise, or it's not going to be secure.