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110 sats \ 5 replies \ @cleophas 18 Jun \ on: I’m Rapha Zagury, CEO and Founder of Elektron Energy. AMA starts at 11am EST. AMA

Hash rate has come down a fair bit from 1200 EH/s, and maybe it will come down further.
This may feel like a trick question, but how much is enough hash rate to feel like Bitcoin is secure?

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60 sats \ 1 reply \ @alphazeta OP 18 Jun

I'm convinced we're witnessing the first bear market in bitcoin's hashrate. Wrote about it in the article below. On Section 4 I discuss exactly this point:

TL;DR quotes:

First, two things that are almost always confused. Private-key security, the cryptography you rely on when you sign a transaction or move coins, has nothing to do with hashrate. Elliptic curves and SHA-256 don't care how many machines are mining. Your keys are as safe at 400 EH/s as at 1,200 EH/s; that is a different problem entirely. This nuance is also frequently missed on quantum discussions but I’m not going there on this newsletter.

What protects Bitcoin isn't the absolute number on the hashrate chart. It's the cost asymmetry between attackers and the value at risk, and that asymmetry remains enormous.

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10 sats \ 0 replies \ @nitter 18 Jun
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10 sats \ 2 replies \ @alphazeta OP 18 Jun

It is wild to see this...

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10 sats \ 1 reply \ @cleophas 18 Jun

Pretty solid drawdown.

Do you think the treasury companies are going to weather this bear market?

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10 sats \ 0 replies \ @alphazeta OP 18 Jun

Some yes. Most no.

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