Research Shows BTC "51% Attack" Threat is Underestimated, Attackers May Destroy the Network with Just $6 Billion

Odaily Planet Daily reports that the latest research indicates the threat of a "51% attack" on Bitcoin is severely underestimated by the market, with attackers potentially able to destroy Bitcoin with just $6 billion. Duke University finance professor Campbell Harvey warned in his latest study that while both Bitcoin and gold are considered favorites for "hedging against currency devaluation," the risks Bitcoin faces far exceed those of gold. Attackers could gain control of the Bitcoin network within a week by purchasing $4.6 billion worth of hardware, investing $1.34 billion in building data centers, and incurring approximately $130 million in weekly electricity costs. By shorting Bitcoin in the derivatives market, attackers could reap massive profits from a sharp drop in Bitcoin's price, enough to cover the costs of the attack. However, Matt Prusak, president of a U.S. Bitcoin company, believes such concerns are exaggerated, as accumulating and deploying mining equipment would take years, shorting would require substantial collateral, and exchanges might suspend suspicious trades. (Wall Street Insights)