Find out the cost of an attack on the Bitcoin network for one day!
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Answer Find out the cost of an attack on the Bitcoin network for one day!
A one-day attack on the Bitcoin network now costs about $21 million to support a 51% attack on the Bitcoin network, according to data from Massari Pro.
Currently, this cost-to-use cost of an attack on Bitcoin is roughly eight times more than an attack on Ethereum, which means that the value of a 51% attack on the Ethereum network is $2.7 million for a day attack.
In short, it can be said that the 51% attack – also known as the majority attack – is one of the biggest threats to many blockchain projects, as it provides a group of miners, or one evil entity to secure more than half of the network’s hash rate in order to control the blockchain and the mechanism of proof Associated Work (POW).
Read:The processing rate of the Bitcoin network “hash rate” sets a new record
To attack Bitcoin, the attacker would need to get enough miners to control half of the Bitcoin hash rate.
This means matching the hash rate that already exists.
Messari data estimates the cost of this attack based on the cost of renting such a large force on NiceHash.
In contrast, an attacker could control the Bitcoin Cash, Bitcoin SV, and Litecoin networks for less than $1 million each, while the Ethereum Classic blockchain could be sabotaged for just $326,000 at current rates.
If executed successfully and persists for a long time, the 51% attack could allow the bad entity to selectively block new transactions, reverse recent transactions, and possibly re-implement the blockchain by rewriting pre-confirmed blocks and causing a temporary chain split.
However, the costs involved in securing enough mining power long enough to accomplish a 51% attack on the blockchain is difficult enough to implement.
Several lesser known blockchain networks have been subjected to such an attack in the past, including Bitcoin Gold, Verge and Vertcoin, all due to their lack of significant hashing power to make it prohibitively expensive to do so.
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Of course, $21 million is not a small amount for someone to attack the Bitcoin network.
Read also:
“Bitcoin Gold” is exposed to a 51% attack, and the value of the currency “BTG” increases by 19%
Unknown actors attack 51% of the Vertcoin network
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