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November 04, 2013, 08:35:12 PM |
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It's not a 51% attack, but you do need a sizable fraction of the hash rate in order to be successful. According to the algorithm the longest block chain wins.
1. Find a successful hash but do not publish it.
2. Start working on the next block. While your pool is working on the next block, everybody else is still wasting time working on the previous block.
3. Find the next hash and publish. Even if your second hash comes after someone else finds another hash to the previous block, your block chain is a block longer than theirs. You win.
It's basically doubling down.
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