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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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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...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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Any miner could do this right now with other coins. Stop mining bitcoin and use your hashing capacity to run 51% of some other coin's network. I think the reason they don't do it is that if you have made massive investments in hashing, you need the crypto market to stay strong.
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