This is how much it costs to attack Bitcoin (BTC) 51%

Vladislav Sopov

The expert from Braiins Pool (formerly Slush Pool), the oldest Bitcoin (BTC) mining pool, shared details of the hypothetical scenario of a 51 percent attack on the largest blockchain

contents

• $752,000 an Hour for 51% Attack: Is It Worth It?
• 80% of Bitcoin (BTC) hashrate is controlled by five pools

Bitcoin (BTC), the largest blockchain by capitalization and hashrate, is often cited as the most secure decentralized system ever. Because of this, it is almost impossible for 51% to attack it.

$752,000 an Hour for 51% Attack: Is It Worth It?

The anonymous mining expert and marketing director of Braiins Pool, known on Twitter as @BTCGandalf, has shared his calculations of the cost of a 51% attack on Bitcoin (BTC).

The cost of a 51% attack on Bitcoin for 1 hour is $752,000.

While this is theoretically possible, in practice it would be almost impossible for one entity to control that much hashrate at once.

— ₿ Gandalf (@BTCGandalf) September 16, 2022

According to him, such an attack would theoretically require $752,000 in funds. However, a single entity would not be able to control such a portion of the hashrate, he added.

This pricing model is based on the SHA256 hashrate cost estimates provided by the NiceHash platform. However, should this attack be initiated in the real world, hashrate metrics would skyrocket, making it even more expensive.

To sue

In addition to costly hardware, a hypothetical 51% attack on the Bitcoin (BTC) network will also require a tremendous amount of power.

80% of Bitcoin (BTC) hashrate is controlled by five pools

As previously reported by U.Today, GHash.io, one of the oldest Bitcoin (BTC) mining pools, was perilously close to 51% of attacks on Bitcoin in 2014: it controlled over 42% of its hashrate.

In 2022, such dominance looks almost impossible. However, some commentators on @BTCGandalf’s calculation raised concerns about increasing centralization of Bitcoin (BTC) mining.

According to data from BTC.com, Foundry USA, F2Pool, Antpool, Binance Pool and ViaBTC are responsible for over 80% of the Bitcoin (BTC) network hashrate.

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