and the distribution of digital products.
Bitcoin’s Upcoming Halving Exposes Long-Term Security Issues
Bitcoin’s network security largely depends on block rewards, not transaction fees. Will fees alone be enough to sustain the network as halvings continue to erode miner revenues?
What does network security mean?The decentralization and immutability of a blockchain network lies in its resistance to the double-spend problem. For proof-of-work, this means its resistance to the hashrate-related “51 percent attack.”
Controlling more than half of the network hashrate, and thus more than half of block production, allows an entity to rearrange the chain however it sees fit. Such an attack could ‘erase’ legitimate transactions. By creating seemingly valid transactions and then reversing them an attacker could profit from say, a trade on an exchange, without spending any of their Bitcoin.
The total network hashrate is the amount of computing power dedicated to securing the blockchain and is often considered a measure of network security. Its highs are frequently interpreted as bullish indicators for Bitcoin – implying a higher resistance to 51 percent attacks.
Bitcoin hashrate back at all time highs!!
Miners are clearly not being deterred by this week's price action. 