With Bitmain quickly approaching 51% ownership of Bitcoin's mining processing power, the possibility of a 51% attack is a real threat. Even though no one is currently stating that Bitmain will execute a 51% attack, it is still a threat to the entire Bitcoin network as there are many ways Bitmain could become compromised (as with any IT company) leading to a 51% attack, which would cause a massive loss in confidence in Bitcoin, not to mention an epic sell off of Bitcoin.
Furthermore, BitPico a conglomeration of individuals and institutions stated that a 51% Attack of Bitcoin Cash is possible. Again considering that Bitcoin Cash is almost a clone of Bitcoin, this information only adds further concern’s about Bitcoin.
So what does this have to do with DigiByte, simple DigiByte has 5 different mining algorithms, which should make it far more challenging to carry out a 51% attack. How so you may ask, DigiByte algorithms are split up into 5 equal portions of the mining pie, so the individuals/institutions that have high powered ASIC miners, at max, will only own 20% of the DigiByte mining processing power. The rest of the algorithms are mined from PC type mining rigs for the most part (there are some exceptions).
PC miners are quite a bit larger, more expensive (when configured to max capacity) and consume a fair amount of power in comparison to the ASIC miners, (I actually have one that I use to mine DGB, using solar energy only) which are smaller, very energy efficient in comparison to the hash rate to energy consumed, and they are easier to cool. So even if a company decided to start building PC mining rigs to run the other 4 algorithms, I believe it would take a massive warehouse or warehouses with huge air conditioning untis to come anywhere close to competing with the worldwide network of DigiByte miners, the cost would be astronomic and I am not sure it is viable as the maximum capacity PC miner, takes up a lot of space, due to the fact that they require GPU cards like the GTX 1080ti, so 1U rack servers like in a data center are pretty much out of the question.
So with this said, at the time of this article DigiByte is up 12.75% at 0.023 and Bitcoin is up 0.17% at 6157.85 in the last 24 hours.
Is DigiByte going through a small pump and dump, or is there a movement towards DigiByte, only time will tell.
*Data: 24 hour data provided by CoinMarkertCap.
*Disclaimer: I am not a financial expert and this article is not investment advice, it is just my opinion.
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