Computational power is an important index for measuring the healthy operation of the Proof of Work (PoW) blockchain. This means that if a potential attacker wants to launch a 51% attack, it must overcome this obstacle. Computation also represents the overall interests of the entire community.
Now, the increase in computing power is part of the missing Ethereum community. Ethereum's computing power has fallen more than 42% from its August 2018 historical high (ATH). To illustrate this, let's take a look at Bitcoin computing power. Bitcoin computing power also reached its all-time high (ATH) in the summer of 2018. After hitting an all-time high, Bitcoin computing power is still above 22%.
As an indicator, computing power witnessed the split of the 2019 cryptocurrency community. In the early years, all cryptocurrency movements tended to be consistent, regardless of whether prices rose or fell, or whether the indicators on the chain were rising or falling. But now, investors seem to have more time to figure out which blockchain project is worth investing in. This divides the market return for the entire industry (about half of the cryptocurrency price is lower than December 2018) and also divides the blockchain power on the PoW chain. So far, only Bitcoin and Litecoin have reached the highest computing power of 2019 in the Workload Proof (PoW) chain.
- Let’s listen to Jiang Zhuoer and Lu Haiyi’s understanding of the relationship between bitcoin price and computing power, as well as the price trend of this round.
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- The mainstream currency computing power has remained at a high level in the past six months, and the currency with lower growth rate may have a compensatory increase demand.
Bitcoin cash, Bitcoin SV, Ethereum are all below the highest computing power of their network records. On the surface, this is not a big problem. However, these chains open the door to potential attacks (the currencies on these chains are more vulnerable). As of today, the one-hour cost of launching a 51% attack on Bitcoin is more than $850,000, while the 51% attack on Ethereum only costs $100,000. Bitcoin SV is the most vulnerable currency in the Proof of Work (PoW) chain. At the time of this writing, its 51% attack cost was only $11,000.
The attack costs described above are not a big problem for countries or large companies, and they can easily attack the main cryptocurrency. If these major cryptocurrencies are intact in the next few years or decades, then these companies must protect their chains and prevent larger, more funded villains from launching attacks.
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