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they can invalidate, or the more blocks in the future they can control. Security research groups have used statistical modeling to claim that various types of consensus attacks are possible with as little as 30% of the hashing power. The massive increase of total hashing power has arguably made bitcoin impervious to attacks by a single miner. There is no possible way for a solo miner to control even 1% of the total mining power. However, the centralization of control caused by mining pools has introduced the risk of for-profit attack by a mining pool operator. The pool operator in a managed pool controls the construction of candidate blocks and also controls which transactions are included. This gives the pool operator the power to exclude transactions or introduce double-spend transactions. If such abuse of power is done in a limited and subtle way, a pool operator could conceivably profit from a consensus attack without being noticed. Not all attackers will be motivated by profit, however. One potential attack scenario is where an attacker intends to disrupt the bitcoin network without the possibility of profiting from such disruption. A malicious attack aimed at crippling bitcoin would require enormous investment and covert planning, but could conceivably be launched by a well funded, most likely state-sponsored attacker. Alternatively, a well-funded at‐ tacker could attack bitcoin’s consensus by simultaneously amassing mining hardware, compromising pool operators and attacking other pools with denial-of-service. All of these scenarios are theoretically possible, but increasingly impractical as the bitcoin network’s overall hashing power continues to grow exponentially. Recent advancements in bitcoin, such as P2Pool mining, aim to further de-centralize mining control, making bitcoin consensus even harder to attack. Undoubtedly, a serious consensus attack would erode confidence in bitcoin in the short term, possibly causing a significant price decline. However, the bitcoin network and software is constantly evolving, so consensus attacks would be met with immediate counter-measures by the bitcoin community, making bitcoin hardier, stealthier, and more robust. Consensus Attacks | 217PDF Image | Mastering Bitcoin
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