BitcoinMining

Study: Full transition to ASIC miners for BTC mining will increase network security

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According to a new study, in the future, a full transition to ASIC miners for bitcoin mining will help increase the cost of an attack by 51% to 2,000 times, thereby increasing network security.

At the Unitize 10 conference, the University of California, Santa Barbara, presented a study co-authored with Maarten van Oordt, a currency advisor to the Bank of Canada’s foreign exchange department.

The study considers the cost of a 51% attack on a Bitcoin network, depending on the type of equipment used to protect the network. The researchers concluded that a full transition to ASIC miners for bitcoin mining will significantly increase network security, and the cost of an attack of 51% will increase to 2,000 times.

The main reason is that ASIC miners are almost never used and have little value outside the mining industry. An attacker will not be able to make large profits from the sale of equipment used in the attack. Therefore, in order to carry out a profitable attack, it will be necessary to carry out an attack of double spending on a huge number of coins, which is expensive and difficult.

The researchers found that in order to carry out a profitable 51% attack on the Bitcoin network after the next halving, attackers would need from 157,000 to 530,000 BTC if all bitcoin mining was carried out by ASIC miners.

According to the data from analytics company Messari, the cost of a successful 51% attack on Bitcoin blockchain in February of this year amounted to more than $ 21 million per day. For comparison, a similar attack on the Ethereum network cost about $ 2.7 million. 

In addition, at the beginning of last year, experts noted the danger of increasing the liquidity of the mining capacity market, since, in parallel with this, increasingly clear lines take on 51% attacks using leased hashing power.

Recall that in April this year, it was reported that Bitcoin Cash and Bitcoin SV became vulnerable to a 51% attack after halving the reward for miners, and in January, a 51% attack was carried out on the Bitcoin Gold network.

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