Solar flares have 11-year cycle. The last solar geomagnetic storm occurred in 1989 with quite significant effect. And The Carrington Event was a powerful geomagnetic storm on September 1–2, 1859. If solar flares happen at a scale larger than the last one in the future, what are the possible effect on cryptocurrency, in particular bitcoin and Algorand? I would also like to include EMPs (man-made (nuclear/non-nuclear) electromagnetic pulse in this question). Power outage will be expected in some area. Probably the internet will not be available for a period of time like weeks or months. Will they also affect data storage in different storage medium (like SSD, HDD ,etc.)?Is it possible that the effect and scale of solar flare and EMPs are so strong that the data stored offline get destroyed or completely erased? Then cryptocurrency ledger record could completely vanish? But I guess since ledger record of a cryptocurrency are held in many different computers, it is more secure than bank which is likely to have significant less backup copy than cryptocurrency,,right? Nevertheless, in the case of large-scale solar flare and EMPs, how will cryptocurrency (like bitcoin and algorand) affected?
- According to https://republicans-oversight.house.gov/wp-content/uploads/2015/05/Pry-Statement-5-13-EMP.pdf
- "Nuclear EMP includes a high-frequency electromagnetic shockwave called E1 EMP that can potentially damage or destroy virtually any electronic system having a dimension of 18 inches or greater"
- The solar flare in 2011-2012 was a near-miss. https://science.nasa.gov/science-news/science-at-nasa/2014/23jul_superstorm.
- some said we actually entered a solar maximum in 2020. Scientists predicts a geomagnetic event around 2025
Update:
please don't get wrong, I would vey much want cryptocurrency to be successful. I am just find some possible way to mitigate these risks.. Actually, after some researching , I find some possible ways to mitigate, like Faraday cage , deep underground bunker and storing in non-magnetic material like m-disks.
https://security.stackexchange.com/questions/11333/most-secure-data-storage
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