My Quick Thoughts on the Hash War Between Bitcoin ABC vs. nChain SV
There's one thing to come into social media and announce a 51% attack to the other side of a potential Bitcoin fork. And another to ACTUALLY do it!
Let's do a quick math. Last time I checked, BCH hash rate is at around 4EH, meaning 4,000,000,000,000,000,000 average hashes per second per day.
Right now CoinGeek has about 25% of the total hashpower in the BCH network. Say after Bitcoin "splits" ONLY CoinGeek starts using SV client to mine BCH, which means 1EH belongs to the BCH chain that runs nChain SV's rule set, and 3EH to ABC.
Now imagine that CoinGeek wants to attack ABC side. For that, they need to gain at least 3EH, i.e. they have to bring an extra 2EH from somewhere to to be able to consistently mine blocks.
I checked an AntMiner in Amazon which does 8TH/s & it costs about $1000. To get the extra 2EH they need 250,000 more of these miners. Let say they get a good discount for $800 per piece.
...they need 250,000 X 800 = 200,000,000 or $200M to make that happen.
In addition, ordering/assembling 250K miners right away is not really possible & causes the price of miners to go way higher than 1000.
To just get their initial investment of 200M back they need to mine every single block for the next 6 months (excluding the electricity & maintenance costs).
No one has reviewed this piece of content yet