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Bitcoin Mining The Evolution of A Multibillion Dollar Industry Yassine Elmandjra, and Derek Hsue, Adressing Mining Attack Vectors Nation State Attacks A major source of government power has been its monopoly on the issuance of money. As a non-sovereign money, bitcoin’s existence threatens this power to such an extent potentially that nation states may respond in hostile ways. Bitcoin’s mining supply chain is an obvious target. Unlike running a node or transacting in bitcoin, industrial bitcoin mining is capital intensive and transparent. Governments, therefore, can shutter foundries, mining pools, and data centers. The Chinese government already has threatened to ban bitcoin mining.49 Nation states also could attempt to “51% attack”50 the network, enabling them to censor new transactions or reverse completed ones through a “double-spend”.51 Over a long enough period of time, a sustained 51% attack could cause enough confusion to damage the network, impacting bitcoin’s price and network value. The capital costs to do so would be relatively insignificant for nation states, as the sunk costs associated with mining since 2013 have totaled only $14 billion. That said, the challenge for a nation state attacking the network would be more operational than financial. Garnering the resources necessary would be extremely difficult given the supply constraints on hardware alone and illiquid secondary markets. Practically, the primary impediment to such an attack is the massive coordination that would be necessary between and among miners, all of whom must be willing to burn significant capital with limited guarantees of return. Moreover, if successful, the attack would render their costly hardware useless, making the high cost of acquisition difficult, if not impossible to be recouped. Consequently, the Bitcoin network never has succumbed to a 51% attack and we believe will be increasingly unlikely to do so in the future as its proof of work cumulates. Even if mining does end up more concentrated than it is today, we believe it is unlikely to break Bitcoin.52 Smaller chains like Ethereum Classic53 or Verge Coin54 have succumbed to 51% attacks in large part because their coins can be mined with generalized hardware. Yet, even after successful attacks in those cases, their network values, while impaired, did not implode. 49 Goh, Brenda. “China Wants to Ban Bitcoin Mining.” Reuters, Thomson Reuters, 9 Apr. 2019, www.reuters.com/article/us-china-cryptocurrency/ china-wants-to-ban-bitcoin-mining-idUSKCN1RL0C4. 50 “51% Attack Explained: The Attack on A Blockchain.” Forex Trading, Financial News, Stock Market & Quotes, www.fxempire.com/education/ article/51-attack-explained-the-attack-on-a-blockchain-513887. 51 “Irreversible Transactions.” Irreversible Transactions - Bitcoin Wiki, en.bitcoin.it/wiki/Irreversible_Transactions. 52 Hasu. “No, Concentration Among Miners Isn’t Going to Break Bitcoin.” CoinDesk, CoinDesk, 20 Feb. 2020, www.coindesk.com/no- concentration-among-miners-isnt-going-to-break-bitcoin. 53 Nesbitt, Mark. “Ethereum Classic (ETC) Is Currently Being 51% Attacked.” Medium, The Coinbase Blog, 11 Mar. 2019, blog.coinbase.com/ ethereum-classic-etc-is-currently-being-51-attacked-33be13ce32de. 54 Hertig, Alyssa. “Verge’s Blockchain Attacks Are Worth a Sober Second Look.” CoinDesk, CoinDesk, 6 June 2018, www.coindesk.com/verges- blockchain-attacks-are-worth-a-sober-second-look. 22PDF Image | Bitcoin Mining
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