The Bitcoin network would be 2000 times more secure if it mines only ASICs
A recent study concluded that in the future the use of ASIC miners could be the key to security for the bitcoin network. If these miners were widely used, the cost of an attack of 51% would double.
As we know, the cost of an attack of 51% depends on what types of devices run on the network. Following some analyzes, I came to the following conclusion: if all mining devices were ASICs, the network (bitcoin) would be greatly strengthened and this would increase security.
The main reason is that this type of device cannot be used for anything other than bitcoin mining; practically, they are useful only for this purpose. Thus, if someone got enough ASICs to launch an attack, they would actually lose the money invested. As a result, for the attack to be worthwhile, it would have to successfully execute a much higher double expense - which is extremely difficult.
If only ASIC devices would work 100% on the network after the next halving, according to estimates the cost of an attack would be between 157,000 and 530,000 bitcoins.
What is a 51% attack?
This type of attack requires that a malicious participant obtain 51% of the network hashrate (most of the mining performance), through which he can decide for himself which block will be accepted. In this situation it will create a new chain link, false; the old chain will be stopped and the new one will be able to decide which transactions will be fulfilled. The most common way to accomplish this is to spend the same coins two or more times - hence the phenomenon of double spending.
Network security is debatable
In the Bitcoin community the subject of ASIC miners was a contested one; things degenerated and in 2017 Bitcoin Gold was created on the occasion of a hard fork - defined as resistant to ASIC. This is the reason why Bitcoin Gold has already suffered a 51% attack, with a double expenditure of 18 million dollars, while the Bitcoin network itself has never experienced a successful attack. It should be added, however, that attacking the Bitcoin network would cost much more, a factor not to be neglected.
Some members of the community are concerned that security could be affected in the long run when the block reward is taken by transaction fees. In this way, miners can only earn income by checking transactions. The problem with this situation is that mining machines will be shut down if volatility is high; in this way the hashrate decreases, and a possible attack becomes much more profitable.
But miners are not used to shutting down ASICs even in the event of serious price fluctuations, and this is an additional safety factor.
