Bitcoin now outguns all of Earth's supercomputers

Could a billionaire destabilize bitcoin to the point it becomes unusable?

submitted by wannagetbaked to Bitcoin [link] [comments]

Level of Difficulty attack?

Would it be possible for an entity in control of a powerful network of computers purposively drive up the difficulty of mining, and then suddenly withdraw from mining?
I imagine certain government entities have computers fine-tuned to certain hash algorithms for brute forcing encryption. I'm talking to you NSA.
(Excuse me, just a moment. My tinfoil hat is getting itchy and needs some reshaping. Ah, better)
So, let's say instead of trying to brute force a crypto breach in the Bitcoin network, they just decide to start mining. The blocks get confirmed much faster, and the level of difficulty increases dramatically. At some point in the future, the NSA (or other entity) strategically stops mining, leaving the rest of the network trying to cope with an insane level of difficulty.
Is there any chance that would significantly delay new block confirmation, and what would the consequences be?
submitted by may214 to Bitcoin [link] [comments]

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To put that in perspective, the world's fastest supercomputer, Titan, runs at less than 18 petaflops . The Bitcoin network is sucking down nearly $200,000 a day in electricity costs, according to one tracking site's estimate . That's stunning for an "economy" that sprang into being just four years ago, when an inventor using the pseudonym "Satoshi Nakamoto" released the system's source code on ... Bitcoin Network Petaflops Bitcoin Hashing Rate Bitcoin Prediction Charts Bitcoin Network Petaflops What Happened To Bitcoin 2016 Using Bitcoins Silk Road Bitcoin ... Network hashrate (petaFLOPS) ... Bitcoin Exchange Guide is a hyperactive hybrid of heavy-handed cryptocurrency content curation creators from christened community contributors who focus on delivering today's bitcoin news, cryptoasset user guides and latest blockchain updates. Latest News . Ethereum (ETH) Above the Psychological $200 Mark, Path to $250. Ethereum (ETH) Dalmas N-May 14, 2019 0 ... At any given moment, Bitcoin's peer-to-peer network contains thousands of computers linked together to generate more than 1,000 petaflops of raw computing power. The bitcoin network hashrate estimate on bitcoinwatch.com passed 1 exaFLOPS (1,000 petaFLOPS) which is over 8 times the combined speed of the top 500 supercomputers. Bitcoin network does this by using ASICs. Therefore a supercomputer cannot mine al the bitcoins in matter of hours. Even if they could have, they have much better work to do...

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