The widespread adoption of Integrated circuit for specific applications (ASIC) for Bitcoin (BTC) It could increase the cost of an attack by 51% by a factor of up to 2,000.
Rod Garratt of University of California at Santa Barbara presented the research with which he is a co-author Maarten van Oordt of Bank of CanadaAt the conference of Unitize 10th of July.
Examined the variable cost of a 51% attack on the Bitcoin network based on the type of equipment used to secure the network. Research suggests that simply changing the network to 100% of the ASIC miners can significantly improve current security.
The main reason is that ASIC miners have little use and value outside of Bitcoin mining. and an attacker could not make much profit from selling used equipment in the attack. Hence, in order to conduct a profitable attack, You would have to spend twice as much coinswhat is more expensive and difficult to do.
The investigation found that an attack after the next halving was profitable. It would take between 157,000 and 530,000 BTC if the ASIC extraction were at 100%.
What is a 51% attack?
An attack of 51% is when a malicious agent tries to manipulate a blockchain network that controls 51% of mining energy (This is the minimum required to accept new blocks.) The attacker then creates an alternative blockchain to the “real” stringand makes a transfer to the rest of the network so that the new intervened chain is accepted as the correct one.
The most common use for this type of attack is to spend the same coins twice, which is commonly known as a double issue.
Bitcoin security concerns
Some in the Bitcoin community are against ASIC miners, which caused a hard fork in 2017 that led to the creation of ASIC-resistant Bitcoin Gold. Garratt said this is why Bitcoin Gold has had several successful 51% attacksThis resulted in a double spending of $ 18 million in coins Bitcoin has not yet received a successful attack. However, attacking Bitcoin is much more expensive, which is also an important factor.
Some participants in the Bitcoin network are concerned about the long-term security of the blockchain networkSince block rewards are being replaced by transaction fees, he said: As a result, miners count the transaction fees as a reward.
The potential danger is that miners will have to rely on transaction fees. will respond to large price fluctuations by closing their minersThis makes it more profitable to carry out a network attack.
Garratt mentions another safety benefit of using ASIC machinesThis means that miners turn off their equipment much less often due to price fluctuations, which increases the strength of the network in these situations.