Satoshi likely launched 51% attack on Bitcoin during early days
The post Satoshi likely launched 51% attack on Bitcoin during early days appeared on BitcoinEthereumNews.com.
According to new research, it’s likely that Satoshi Nakamoto conducted a 51% mining attack on the network in its first year of existence. An in-depth data review of 2009 blocks mined by Patoshi — a nickname for a frequent miner who embedded a non-standard use of ExtraNonce within coinbase transaction data — suggests it’s very likely that they used hash power to reorganize Bitcoin’s blockchain. In other words, as Bitcoin historian Pete Rizzo explained, when Patoshi occasionally took breaks from mining, their computer restart was “so powerful that the miner [Patoshi] simply overwrote blocks found by other miners in their [Patoshi’s] absence.” A 51% attack is exactly what it sounds like — achieving 51% control of the Bitcoin network, measured by hash rate, to overpower other miners and regain control of new transaction confirmations. Patoshi — a portmanteau of ‘pattern’ and ‘Satoshi’ — was mining in 2009 when it was extremely likely that Satoshi Nakamoto owned the only computer connected to the network. This has led many people to conclude that Patoshi and Satoshi were the same person. More detailed analysis by Wicked Smart Bitcoin this week that builds on Lerner’s research also suggests that Patoshi probably conducted a 51% mining attack during 2009. The Patoshi Pattern was first discovered by @SDLerner and has since been revisited and analyzed by @lopp and others. It’s one of the most interesting datasets in all of #Bitcoin’s history and one of the few instances where Satoshi left some breadcrumbs behind for us to follow. pic.twitter.com/6RGMNdhDkY — Wicked (@w_s_bitcoin) October 1, 2024 The prominent yellow dotted lines are Patoshi’s blocks. Because Bitcoin has always been a proof-of-work (PoW) blockchain, whichever miner works the hardest earns the right to mint coinbase rewards and add transactions to the ledger. During Patoshi’s breaks from mining, no other…
Filed under: News - @ October 3, 2024 10:21 am