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Chinese Miners Can Destroy Bitcoin — Research

13:07 10/10/2018

China continues to increase its influence over Bitcoin and may destroy the first crypto due to its ideology. Scientists from Princeton and Florida International University came to such conclusion in a new study called "The Looming Threat of China: An Analysis of Chinese Influence on Bitcoin".


The main argument of the researchers was that Chinese powerful mining farms are growing in number, and take over the whole ecosystem. Most of the blocks are mined in the six largest mining pools, five of which are connected with China one way or another. In total, the Chinese miners control almost 75% of the network hashrate.


That is more than enough for the so-called “51% attack”, which enables manipulations, free blocks generating, and double-spendings. The head of Lightning Labs predicts an increase in cases of “51% attack” next year.


Moreover, analysts identified 19 types of cyber attacks that can be expected from China. The most dangerous among them is the “Goldfinger attack”, during which the union of miners launch a huge number of bots and make bitcoin mining economically unprofitable. This situation can force miners to leave the network, and thus destroy cryptocurrency.


As the researchers mention, China has enough reasons for such attacks. Bitcoin contradicts the state ideology, so an attempt to destroy the network will express the protest. Chinese cyber attacks will also weaken the economy of those competitor countries where bitcoin is widely used as a means of payment.


As previously reported, the US accuses Russian military men of cyber attacks via cryptocurrency.

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  1. Farhad:
    10/10/18 at 14:24