Bitcoin 51% attack what you need to know

Hi this post is based on a hypothetical analysis although it's not proven yet since in reality no mining rig has been able to dominate 50% hash power rig In bitcoin mining

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Source

Bitcoin is a decentralized digital cryptocurrency that was created to revolutionize the old financial monetary system the network uses a proof of work algorithm PoW to secure its network from external attack.
These PoW are controlled by miners using sophisticated computing hash power mining machines (ASIC) to ensure that the network function properly without glitches or unsafe transactions execution.

This means the more hash power been generated by miners the safer it is for the bitcoin network when a miner controls at least 51% of these mining hash power the term is known as 51% attack on the network which is a flaw in the decentralized network with this a miner can be able to control transaction activities can also be able to confirm or reverse a transaction on the network.
They can also monopolize mining by preventing other miners from mining so they can earn all the mining rewards, it also allows such miners to double-spend a coin

Generally, any miner able to control 50% of bitcoin hash power can be able to execute these types of attacks Rearrange transaction blocks of bitcoin and also Prevent another user transaction from being confirmed on the network

Bitcoin blocks are generated approximately every 10 minutes making it public for every user to review every transaction recorded on the blockchain once a transaction is confirmed such transaction can't be reversed as any fraudulent activity can be easily spotted and rejected by the network.
Although it's also impossible for these miners controlling the network to create new coins on the block.

Conclusion

As stated earlier this is based on a hypothetical theory as it's quite impossible as well for any mining farm to monopolize bitcoin mining power in the world.

Although it should be noted that mining in PoW is a means of keeping the network secure and prevent the network from any attack.

Further reading

https://www.investopedia.com/terms/1/51-attack.asp

https://braiins.com/blog/how-much-would-it-cost-to-51-attack-bitcoin

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