Schwab says bitcoin’s rising hashrate makes 51% attacks increasingly costly
Bitcoin's growing hashrate is making it harder for hackers to gain enough mining power to launch what's known as a 51% attack. According to Schwab, an attacker would need billions of dollars in specialized mining equipment, access to enormous amounts of electricity and years to build the required infrastructure in order to facilitate a successful hack. By that time, the Bitcoin network would likely have grown even larger, making the attack even more difficult.
The rising costs and competition among miners help strengthen Bitcoin's security and could support its long-term value, argued Schwab, alongside factors such as demand, liquidity and network activity.
"As the Bitcoin network continues to grow, its security potentially becomes self-reinforcing,” the firm’s director of digital asset research and strategy, Jim Ferraioli wrote.
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Read original ↗Disclaimer: This article is for information only and does not constitute investment advice. Digital assets involve substantial risk.
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