Duke University professor: The threat of a Bitcoin "51% attack" may be seriously underestimated, attackers only need about 6 billion dollars to destroy the network

ChainCatcher news, the latest research shows that the threat of a "51% attack" on Bitcoin is severely underestimated by the market, with attackers needing only about $6 billion to destroy Bitcoin.

Duke University finance professor Campbell Harvey warns in the latest study that while both Bitcoin and gold are seen as favorites in the "currency devaluation trade," the risks faced by Bitcoin far exceed those of gold. Attackers could gain control of the Bitcoin network within a week by purchasing $4.6 billion worth of hardware, investing $1.34 billion in building data centers, and incurring approximately $130 million in electricity costs each week.

By shorting Bitcoin in the derivatives market, attackers could make huge profits when the price of Bitcoin plummets, enough to cover the costs of the attack. However, Matt Prusak, president of a U.S. Bitcoin company, believes this concern is exaggerated, as accumulating and deploying mining equipment takes years, and shorting requires substantial collateral, with exchanges potentially suspending suspicious trades.