A large number of coal miners shut down, large mines will be integrated or will make bitcoin face the threat of double flower attacks

The bear bear market has a direct impact on the miners.

Since November, the price of bitcoin has begun to fall in a free fall. As of the letter, the price quotation is $3878.72. The bitcoin, which supports miners’ profit, should be more than $4500.

Individual retail miners are unsustainable and turn off. According to Peng Bo, data from the Autonomous Research LLP of the independent investigative agency showed that at least 100 thousand miners have been shut down. The Research Institute, Fundstrat Global Advisors LLC, estimates that about 1 million 400 thousand servers have been closed since the early September.

Diar, a research agency, said that although the mining revenue was over $500 million this year, two major miners, BTCC Pool and Giga Watt, have applied for bankruptcy, which has a debt of about $1000-5000 million. In the best case, the miners need 30 – 45% gross margin to keep the profit in the best case of the cost of mining S9 and the cost of wholesale electricity. In August – November this year, the average gross profit rate for miners was about 56%.

Because of the low cost of electric power in large mining enterprises, the profit space is relatively large. Bitcoin mining has entered a big financial era.

With increasingly fierce competition, big mines will face integration to adapt to survival, but this integration will likely make the digital money market face 51% of the double flower attacks.

A new report released by Group-IB shows that the maliciously miners used a “PoW” consensus algorithm this year to launch 51% attacks against smaller encrypted money projects and have so far received a $19 million 500 thousand profit.

The 51% attack is also called Majority attack. This attack is achieved by controlling the power of the network to achieve double flowers. If an attacker controls more than 50% of the power in the network, then he can reverse the block in the period when he controls the force and make a reverse transaction to achieve double flowers.

The 51% attack can be carried out by a mining pool with a large number of miners or a group of miners. The control of 51% is not necessarily an attack unless it is intended to use this advantage.

(about 51% of the double flower attacks more reading can be seen in this “recent brush” double flower attack, except for the 51% attacks, and the four kinds of attacks.

Bitcoin gold and ZenCash have suffered 51% attacks before they have lost millions of dollars to their investors.

In order to allow miners to carry out attacks, they must first sacrifice their lucrative income by sacrificing the network to legally deal with encrypted currency transactions. The block chain that attacks bitcoin is not cheap, but as the price of the encrypted currency market falls, the cost of “51% attacks” is also falling. According to Crypto51 data, the current attack cost per hour is $300067.

 A large number of coal miners shut down, large mines will be integrated or will make bitcoin face the threat of double flower attacks

51% attacks occurred frequently in 2018, but Awake Security researcher Troy Kent published his research at the New York InfoSecurity North American Conference earlier this month that hackers were used to encrypt mining tools for cyber attacks, although it was a legitimate threat like a botnet or a Troy Trojan horse, but people were not used to dealing with the attack. In addition, he suggested that the company need to implement more advanced testing methods based on behavior and analysis.

(I am Odaily Daily reporter Mu Xinxin, explore the real block chain, burst, exchange, please add WeChat wsuixin12, please note the name, unit, job and cause.)

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