Topic: Common hashrate - page 2. (Read 1403 times)

Anyone that can control as much (or more) hashpower as the combined rest of the world would be able to mine 100% of the blocks, and would have complete control over which valid transactions get into the the blcokchain and which transactions don't.  This is true regardless of how you split up the rest of the hash power.


It is "more secure" with more miners because it is more difficult for any of those miners to control more hashpower than everyone else combined, but only so long as the total amount of hash power is high.

As an example, if you have only 100 miners that each have 1 kilohash/second, then a single miner with 1 megahash/second could gain control of the blockchain.  However, if those same 100 miners each have 1 terahash/second, then a single miner would need to gain control of 1 petahash/second of hash power if they wanted to be able to reliably gain control of the blockchain.


If mining was only 100,000 users with 10 watts, then a single attacker could gain control of the blockchain with 1,000,000 watts.

Additionally, anyone with access to 20 watts could earn twice as much as any other user, so they would have an incentive to secretly run two 10 watt miners.  Then anyone with 40 watts could earn twice as much as the person with 20 watts, so they would have an incentive to secretly run four 10 watt miners.  This incentive would result in all miners running as much equipment as they could afford to and difficulty would increase.  As such, miners that weren't profitable at the increased costs would stop mining.  The total hash power would grow and the number of miners would decrease until eventually we'd be right back where we are today.

Sorry my question was not readily understood. What I am trying to get at is having a blockchain that miners all have same hash rate use about 10 watt the most, and all have equal chance of mining a block.
What effect would that have on the security of the network.
Would be like the lottery and the more miners on the network the more secure it would be (what I have read so far). So anyone that can afford 10 watts can have a chance.

I don't understand the question.

Nothing would "happen to the network".  Nodes would still connect to peers, transactions and blocks would continue to be validated and relayed.

As for the miners...

Mining difficulty would adjust such that there is an average of 10 minutes between solved blocks.

Each miner would have a 0.001% chance of solving the next block.

Each miner would solve (on average) one block every 22.8 months.

Most miners wouldn't be willing to wait so long to solve a block, so they would mostly join mining pools.

Hi all, have a technical question concerning mining a coin
If let us say there are 100K miners on the network and each have a hash rate of say 1k h/s what would happen to the network? Lets use bitcoin for this example.