Cryptocurrency Q&A
How much does it cost to run a 51% attack on Bitcoin?
How much does it cost to run a 51% attack on Bitcoin?
emma_lewis_pilot
Thu Jul 11 2024
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7 answers
1066
The question of the cost to execute a 51% attack on Bitcoin remains a complex one with varying answers. To attempt such an attack, a malicious party would need to acquire and maintain control over more than half of the total mining power on the Bitcoin network. This not only requires significant financial investment in mining hardware and electricity, but also the ability to coordinate and maintain this power over an extended period. The cost can vary depending on factors such as the current price of Bitcoin, the difficulty of mining, and the availability of mining hardware. Additionally, the risk of detection and potential legal consequences further complicate the matter. In essence, the cost of a 51% attack on Bitcoin is not only financially significant but also comes with immense risk and uncertainty.
7 answers
MoonlitCharm
Fri Jul 12 2024
One of the key factors that facilitate a 51% attack on altcoins is the availability of rented mining equipment.
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Luca
Fri Jul 12 2024
The estimated cost of executing a 51% attack on the Bitcoin network stands at slightly over 15 billion USD.
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Isabella
Fri Jul 12 2024
This significant figure highlights the robustness and security of the Bitcoin blockchain.
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Caterina
Fri Jul 12 2024
This equipment can be rented without the need for physical possession, making it easier for attackers to acquire the necessary hashing power.
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EnchantedSeeker
Fri Jul 12 2024
However, the situation for many alternative cryptocurrencies, commonly referred to as altcoins, is vastly different.
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