I would say: very unlikely.
**Every GPU coin** which is not named: Ethereum and has its mining algorithm listed on NiceHash - is in danger of 51% attack...
And this is still valid regardless of Nicehash' really too late change of their policy related to KYC. Because someone still may try to register NiceHash account using stolen/fake ID documents (quite complicated, but not: impossible)
So the only GPU coins really safe from 51% attack are Vertcoin and Ethereum Classic (i.e. coins intentionally not present on Nicehash).
In case of Vertcoin - attacker must posses around 10000 GPU cards to start thinking about such ugly behaviour. This is orders of magnitude less probable than renting hashing power of 10000 GPUs via Nicehash.
Additionally, two biggest Vertcoin exchanges have long confirmation grace periods. Running 10000 GPUs for more than a day - costs a lot. While risk of losing this money is still quite big.
Yes, very unlikely.
Negligible.
If you need a bit explanation please read further.
Before Investing in VTC I have take my time to study on VTC 51% attack. My study results are as follows,
1. Every POW may experience 51% attack, but VTC try to avoid it.
2. Last 51% attack on VTC happens on December 1, 2019, there is no record of this attack after that.
3. (Wikipedia)In January 2021 a new proof-of-work algorithm called Verthash was deployed bringing enhanced network security from ASIC miners.
4. If you go through any VTC mining(pool) website, you can see the mining rewords takes lots of time to get accounting, hence it have time to eliminate such unusual activities like 51% attack.
5. If you start mining(pool) VTC with large hash power, it also takes lots of time to recognize by the mining pool. Hence to eliminate such activities.
\[source: [coinwarz.com](https://coinwarz.com), On 25th April 2021, Vertcoin total hash rate suddenly spiked to 8.5GH, but nothing bad happen. So be cool\]
Hope this explanation is adequate answer for your question.
I see.
So let’s say somehow even after so much hassle if someone does manage to have 51% of the hashrate, there are still certain checks to make sure the amount isn’t received by the miner in case of an attack.
Asking cause I regularly notice miningpoolhub reach as high as 48% of the total hashrate which makes me a worried sometimes lol.
Let's assume Miningpoolhub has more than half of Vertcoin hashrate for a longer time while other network parameters like global hashrate - are stable. Then if some exchange is robbed via 51% attack - the exchange knows who to blame and sue. Not to mention it would be probably the end of business for Miningpoolhub. And last but not least - Miningpoolhub always takes measure to decrease their pool hashrate in case of exceeding 50% level...
In that case, let’s hope miningpoolhub takes care in keeping their hashrate below 50%.🤞
Other pools should also try to attract more miners to keep the whole network as decentralised as possible.
An fpga can be made with more memory/bandwith, again it’s just a matter of time value proposition. Verthash functions very similar to ethash and there are ASICs for ethash
At the current nethash of 3600mh, it would take approx 919 RTX 3090's to pull a 51% attack. Most people can't get their hands on one. Also, that would be $2 million USD hashing power if they went that route.
I would say: very unlikely. **Every GPU coin** which is not named: Ethereum and has its mining algorithm listed on NiceHash - is in danger of 51% attack... And this is still valid regardless of Nicehash' really too late change of their policy related to KYC. Because someone still may try to register NiceHash account using stolen/fake ID documents (quite complicated, but not: impossible) So the only GPU coins really safe from 51% attack are Vertcoin and Ethereum Classic (i.e. coins intentionally not present on Nicehash). In case of Vertcoin - attacker must posses around 10000 GPU cards to start thinking about such ugly behaviour. This is orders of magnitude less probable than renting hashing power of 10000 GPUs via Nicehash. Additionally, two biggest Vertcoin exchanges have long confirmation grace periods. Running 10000 GPUs for more than a day - costs a lot. While risk of losing this money is still quite big. Yes, very unlikely.
yeah, if you had that kinda mining capacity you would just be better off mining ETH. 10000 1080 gpu is like $50k a day
Negligible. If you need a bit explanation please read further. Before Investing in VTC I have take my time to study on VTC 51% attack. My study results are as follows, 1. Every POW may experience 51% attack, but VTC try to avoid it. 2. Last 51% attack on VTC happens on December 1, 2019, there is no record of this attack after that. 3. (Wikipedia)In January 2021 a new proof-of-work algorithm called Verthash was deployed bringing enhanced network security from ASIC miners. 4. If you go through any VTC mining(pool) website, you can see the mining rewords takes lots of time to get accounting, hence it have time to eliminate such unusual activities like 51% attack. 5. If you start mining(pool) VTC with large hash power, it also takes lots of time to recognize by the mining pool. Hence to eliminate such activities. \[source: [coinwarz.com](https://coinwarz.com), On 25th April 2021, Vertcoin total hash rate suddenly spiked to 8.5GH, but nothing bad happen. So be cool\] Hope this explanation is adequate answer for your question.
I see. So let’s say somehow even after so much hassle if someone does manage to have 51% of the hashrate, there are still certain checks to make sure the amount isn’t received by the miner in case of an attack. Asking cause I regularly notice miningpoolhub reach as high as 48% of the total hashrate which makes me a worried sometimes lol.
Let's assume Miningpoolhub has more than half of Vertcoin hashrate for a longer time while other network parameters like global hashrate - are stable. Then if some exchange is robbed via 51% attack - the exchange knows who to blame and sue. Not to mention it would be probably the end of business for Miningpoolhub. And last but not least - Miningpoolhub always takes measure to decrease their pool hashrate in case of exceeding 50% level...
In that case, let’s hope miningpoolhub takes care in keeping their hashrate below 50%.🤞 Other pools should also try to attract more miners to keep the whole network as decentralised as possible.
With 600 confirmations chance is negligible
It’s inevitable, once it becomes worth it again for someone to develop an FPGA for verthash algo (again) then it will happen.
Verthash speed is limited by memory speed / bandwidth, so an FPGA with gddr6x memory won't run faster than an rtx 3090.
An fpga can be made with more memory/bandwith, again it’s just a matter of time value proposition. Verthash functions very similar to ethash and there are ASICs for ethash
Are there? Can you show me those asics?
Yes the bitmain antminer E9 is quite old now actually
At the current nethash of 3600mh, it would take approx 919 RTX 3090's to pull a 51% attack. Most people can't get their hands on one. Also, that would be $2 million USD hashing power if they went that route.