According to the latest report, analysts of the crypto space are claiming that even if an attacker has hundred percent accesses to the network’s hash rate; in order to take control of the Bitcoin blockchain, the prospective attacker will require approximately four hundred days for rewriting the entire blockchain.
The amount of time it would take for an attacker with 100% of the Bitcoin network hashrate to rewrite the entire blockchain has reached an all-time high of over 400 days. pic.twitter.com/kCk8ZKlIqH
— Jameson Lopp (@lopp) June 7, 2019
Hash rate is the performance of the miner. This number is calculated by the cryptoanalysts; by dividing the cumulative chain work with the hash rate of that moment. The attacker is therefore required to do mining of a different chain, and they can publish their chain only if their chain indicates greater evidence of work than that of the main network. The average hash rate which Bitcoin currently puts is the most secure one.
Furthermore, the attacker not only has to spend more than a year but also would need hundreds of millions to initiate the attack on the Bitcoin network. Even after employing the time and resources, a setback of $597,128 per hour will be faced by the attacker after an hour of the attack.
From this economic perspective; an attack on the Bitcoin network would be pointless. This analysis has cleared a lot of misconceptions regarding the decentralized networks, and now the future of the cryptocurrency seems brighter and secure than ever before.
