A new study from Duke University is stirring debate in the crypto world after claiming that Bitcoin’s much-celebrated security may be more fragile than previously believed.
Finance professor Campbell Harvey argues that the cost of carrying out a full-scale “51% attack” – where a single entity gains majority control of the Bitcoin network – could be far lower than many experts assume.
According to Harvey’s analysis, an adversary could theoretically cripple the network for roughly $6 billion, a figure that includes around $4.6 billion for mining hardware, $1.3 billion for building data centers, and about $130 million per week in power costs. In his view, a well-financed player could pull off such an assault within a week, potentially destabilizing the world’s largest cryptocurrency.
Harvey warned that Bitcoin, like gold, is often viewed as a hedge against fiat currency depreciation – but unlike gold, it relies on digital infrastructure that can, in theory, be bought and manipulated. He also suggested that an attacker could profit by shorting Bitcoin futures or other derivatives before launching the attack, turning what would normally be a massive expense into a lucrative opportunity.
Not everyone agrees. Industry leaders quickly pushed back, saying the scenario ignores practical realities. Bitcoin USA President Matt Prusak called the analysis “theoretical at best,” noting that acquiring and deploying that much specialized hardware would take years, not days. He also pointed out that any coordinated attempt to hijack the network would likely be detected early, prompting exchanges to freeze trading and mitigate the damage.
Security researchers similarly argue that the logistical hurdles – from supply chain constraints to electricity demands – make such an operation nearly impossible outside of state-level intervention. Still, the report has reignited discussions about Bitcoin’s long-term resilience as institutional capital continues to flow into the space.
For Harvey, the takeaway isn’t that Bitcoin is doomed – but that its risk profile is misunderstood. “We’re treating Bitcoin as if it’s invulnerable,” he said in his paper. “It’s not. Every system has a price, and this one might be lower than people think.”
Source: Bloomberg
