In short, a large fraction of the mining hardware produced in 2018 is going to be turned off. The hashrate, difficulty, & mining profitability will find a new equilibrium, but...
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New blog post, where I describe a potential risk for the Bitcoin network https://medium.com/@francois.chollet/the-bitcoin-network-at-risk-bd54a1473a1d …
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...there is going to be a lot of now-worthless hashpower on the market at extremely low prices, far more in fact than the hashpower that's actually online. Someone with a bit of capital available could buy up a fraction of that hardware and implement a 51% attack on the network.
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It might never happen, since the benefits would be unclear, but the feasibility of the attack is concerning.
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Let it drown
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How many posts were written about how AI and ML are impractical (and now the fashion is to say dangerous )?
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Indeed, but consider its history speak for itself - surviving this only makes Bitcoin stronger.
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The problem is that general-ish hardware GPU\TPU\CPU is less efficient than mining hardware. Thus the latter is tied much more to price of crypto and number of miners, so mining hardware may become not profitable, so free. If we used GPU's then drop in crypto only redirects usage
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In general the problem for bitcoin, may be too much obsolete(cheap) hardware that can be repurposed to mine bitcoin. I can imagine that in the future there will be a irrecoverable bug in hardware that makes it useless(sudden price fall), but you can still mine bitcoin on it.
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It could be countered by increasing the number of confirmations until the network recovers, making it a denial of service attack, also an attacker would be mining at a loss. Not an existential threat imho.
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Could any given hardware manufacturer have enough of an inventory to do this?
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