Bitcoin network hashrate has dropped by 16% last night, and lost nearly 45% this month alone. This is considered the time when the Bitcoin network is most vulnerable, when the price of 51% attack on the Bitcoin network is only $ 10 million.
According to decrypt, that means an overwhelming majority on the current Bitcoin blockchain only needs a hash capacity equivalent to $ 10 million. A negligible amount of money for a network with a market capitalization of US $ 121 billion. An attack like this is $ 11 million cheaper than in January.
The cause of the hash power decreases
Cryptocurrency analyst at TokenInsight Johnson Xu said that Bitcoin's difficulty is due to the recent market downturn. When the cryptocurrency market collapsed with the global market amid panic caused by coronavirus epidemic.
According to Xu, the situation will get worse when halving Bitcoin is approaching. Because the supply of Bitcoin as a mining reward will be cut in half. Because mining is no longer profitable, many miners have to temporarily close or leave mining.
Bitcoin is still safe
Although a 51% attack on the Bitcoin network is now cheaper, there's nothing to worry about.
First, only 0.3% of the hash power can be borrowed from NiceHash. The second is that the prices on NiceHash change over time. The numbers depend on the volatility of the coin market. When the Bitcoin network corrects itself and the market is stable, in theory, the cost will also stabilize and increase.
The most important is the fact that it is not possible to perform a 51% attack on the Bitcoin network. When an attacker cannot mobilize sufficient hash power to accomplish this. Because, no one will sell someone an amount of hashrate up to a 51% attack.
Maybe you are interested:
Join our channel to stay up to date on the most useful news and knowledge at:
According to BeInCrypto