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to use a vanity bitcoin address to publicize the fundraising. Eugenia will create a vanity address that starts with “1Kids”, to promote the children’s charity fundraiser. Let’s see how this vanity address will be created and what it means for the security of Eugenia’s charity. Generating Vanity Addresses It’s important to realize that a bitcoin address is simply a number represented by symbols in the Base-58 alphabet. The search for a pattern like “1Kids” can be seen as searching for an address in the range from “1Kids11111111111111111111111111111” to “1Kidszzzzzzzzzzzzzzzzzzzzzzzzzzzzz”. There are approximately 5829 (approximately 1.4 * 1051) addresses in that range, all starting with “1Kids”. Table 4-11. The range of vanity addresses starting with “1Kids” From 1Kids11111111111111111111111111111 To 1Kidszzzzzzzzzzzzzzzzzzzzzzzzzzzzz Let’s look at the pattern “1Kids” as a number and see how frequently we might find this pattern in a bitcoin address. An average desktop computer PC, without any specialized hardware, can search approximately 100,000 keys per second. Table 4-12. The frequency of a vanity pattern (1KidsCharity) and average time-to-find on a desktop PC Length Pattern 1 1K 2 1Ki 3 1Kid 4 1Kids 5 1KidsC 6 1KidsCh 7 1KidsCha 8 1KidsChar 9 1KidsChari 10 1KidsCharit 11 1KidsCharity Frequency 1in58keys 1 in 3,364 1 in 195,000 1 in 11 million 1 in 656 million 1 in 38 billion 1 in 2.2 trillion 1 in 128 trillion 1 in 7 quadrillion 1 in 400 quadrillion 1 in 23 quintillion Average Search Time < 1 milliseconds 50 milliseconds < 2 seconds 1 minute 1 hour 2 days 3-4 months 13-18 years 800 years 46,000 years 2.5 million years As you can see, Eugenia won’t be creating the vanity address “1KidsCharity” any time soon, even if she had access to several thousand computers. Each additional character increases the difficulty by a factor of 58. Patterns with more than seven characters are usually found by specialized hardware, such as custom-built desktops with multiple Graphical Processing Units (GPUs). These are often re-purposed bitcoin mining “rigs” that are no longer profitable for bitcoin mining but can be used effectively to find vanity Advanced Keys and Addresses | 101PDF Image | Mastering Bitcoin
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