It is going to take time for miners to establish themselves elsewhere as China is no longer conducive for bitcoin mining which has impacted the hashtags. Is there any implication in the hash rate goes below a certain number?
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The hashtags should be afraid! 😆
Anyway, just kidding! 😅
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As hash rates go down, the security of the system weakens. The possibility of a 51% attack increases with less hash rate. I dont think it is a major concern since Bitcoin is still pretty heavily mined.
You are right, there will be a burst in hash rate as the miners end up at their destinations. It will take a few weeks to move them across the world.
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Wouldn't the Bitcoin community just create a hard fork when a 51% attack becomes successful? 🤔
It could. The problem is then you are dealing with a new chain. Might not make a difference to many but it could.
I dont think BTC can be 51% attacked too easily. There is still a lot of hashrate out there. As I said elsewhere, I will give it a month or so and think it will be back up again.
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Having a hard fork should indeed be a last resort. 🤔 I also don't want Hive to have a hard fork, but there might come a time it needs to be done. 😮
I just saw the hashrate is still above where it was even six months ago so...no real concerns on security at this point.
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Well, I like the fact that bitcoin is been tested and it remains solid. Those who doubt its utility would certainly think otherwise now--i think.
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Bitcoin certainly has been tested. For 12 years, everything was thrown at it and it still keeps going. So I think it will be just fine.
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