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.
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.