With mining difficulty at an all-time high, higher electricity costs and lower crypto prices, I'm worried that this could be an opportune moment for a bad actor to attack Bitcoin or Ethereum. Why? Obviously, under the current conditions, many miners will realize that it's cheaper just to buy the crypto on the open market and will choose to shut down their rigs. Under normal conditions, this would make it more profitable for the miners who keep their rigs on. But what if a bad actor (such as a government) decides to come in and quietly take over the show. Instead of the total hash rates going down, they go up exponentially making mining so unprofitable that even the most diehard believers see no point in mining. Now the bad actor is quietly running the show and can screw everything up.
P.S. I question whether a certain government is behind the latest attacks to purposely collapse the crypto markets in order to perform an attack on one (or both) of the two largest cryptocurrencies.
