Last week, the head of Qiwi Sergey Solonin told an intriguing story about how a former technical Director of the company managed mined back in 2011 to 500 thousand bitcoins directly into the company’s terminals.
“Now think: I probably should have with him to negotiate for the $ 5 million to buy it all, because now it’s some kind of catastrophic money” – complained then the corned beef.
At first glance, the figures seem exaggerated, especially in the realities of mid-2018, when, without special devices mine Bitcoins useless. But digging in open sources, Foundation specialists mining.vg thought that maybe there was something said Solonin, and came to unexpected conclusions.
Comments on the operating Director of Fund mining.vg Vladimir Shabanov:
To understand whether mining such amount of bitcoins, we take the input data, which announced the corned beef:
“What struck me most was the amount of it for three months nominal 500 thousand coins and it was worth $ 5 million. And now it’s worth billions of dollars.”
So what we have:
- 500 coins worth $ 5 million, that is 1 BTC for $ 10,
- More than 100 thousand Qiwi terminals,
- Three months on production in 2011
The first thing to determine is the period of mining, because it affects the degree of difficulty of extraction and the necessary amount of power. Here we assume the price to $ 10. This indicator BTC reached roughly 2 June 2011, and then the price came back on 3 August of the same year, the reverse course correction.
The generation of a new block in the Bitcoin blockchain takes 10 minutes. In 2011, for each found block, miners are rewarded 50 BTC. Per month was generated 4 320 blocks that eventually enabled the miners to for the month a total of 216 thousand BTC as a reward. Thus, in 2011, for the three months of mining could produce no more than 648 thousand bitcoins.
It is also important to consider the fact that the block reward is distributed among miners evenly, in accordance with the contribution of each miner. The specific methodology depends on the specific mining pool. Based on the above figures, the power miner was to be more than 87% of the total capacity of the network of Bitcoin for 3 months to get a sufficient number of bitcoins as a reward for mining. By the way, with this much power you can make “attack of 51%”.
“Attack 51%” allows an attacker to gain control over the attacked bloccano, and thereby to stop the transaction and mining in the network. But the most interesting for the hacker scenario is the creation of an alternative secret block chains. In the future, this alternative chain allows an attacker to make double charges.
Now let’s see quarterly the complexity of the production, considering that the price took place only in the second and third quarters:
In the first quarter of the complexity went up from 15.91 to up to 55,59 K, and the second 55,59 to to to 434,877 in the third with 434,877 up to 1,777 M in the fourth with 1,777 M to M. 1,1599 the Fourth quarter of the intercept as the price of Bitcoin was already much below the stipulated $ 10, and the difficulty greatly increased. The likelihood that mining occurred in the 3rd quarter is also quite low due to the high complexity of the production, so we assume that the extraction occurred in the first and second quarters of 2011.
Since we don’t know what processors were standing in the terminal at that time, we just calculate what equipment can provide the necessary power.
Will give a bit of a handicap terminals and the comparison table will find the CPU processors of 2011, which would put in the terminals. Although it is likely the processor was standing 2010 or earlier release period. To put the terminal server processor type Xeon or i7 didn’t make sense. Most likely, the top terminal could have on Board Intel Core i3-2100, which gives 6.9 Mh/s. Using the history of changes in difficulty of the Bitcoin network will produce monthly calculate how long it would take processors with a capacity of 6.9 Mh/s, to provide about 87% of the capacity of the network.
The original unit of calculation: Gh/s and Mh/s. To obtain a single Gh/s power you will need approximately 145 processor (1000/6.9 = 144,92).
It is important to mention that in the terminals probably had been less powerful processors, and mine 24/7 it was impossible, because of the time was spent on service users. But even if we divide the base power of the processor twice and take into account the time spent on service users, the mining of a specified amount of bitcoins is highly likely from January to April 2011.
And if so, we can assume that the terminals Qiwi not only could namit the specified amount of bitcoins, but also could provide more than 51% of the power blackchina network. Obviously, freezing the network was unfavorable to the miner. Is there an alternative to a chain that we don’t know? This question can only answer a former employee of Qiwi.