Ga naar de inhoud

Blockchain News Feed

All the latest news on Blockchain & Cryptocurrencies

Menu
  • Home
  • News
  • Exchanges
  • Market Analysis
  • YouTube
  • Brave Browser
Menu

Cost of a 51% Attack on Altcoins is Disturbingly Lower Than People Thought

Geplaatst op mei 30, 2018mei 30, 2018 door Blockchain News

Cost of a 51% Attack on Altcoins is Disturbingly Lower Than People Thought

Cost of a 51% Attack on Altcoins is Disturbingly Lower Than People Thought

Attackers all over the world will not need to crack their brains anymore if a hack on a cryptocurrency network is worth it. Attackers can thank a new website which estimates the total cost for hacking and taking over 51% of an altcoin network.

The most common way of taking over 51% of the cryptocurrency network is by using a method called double spend. Double spend, however, requires effort and money, and so it is much needed to be calculated, or it could be one big failure.

A person available on Reddit by the name of /u/xur17 developed the website called crypto51. When asked why he did it, he replied-

“There was an attack against Bitcoin Gold a few days ago, which made me curious what the cost of an attack would be with rented hashing power. I did the math and was honestly kind of shocked – someone could attack a cryptocurrency worth close to a billion dollars for < $10k an hour and even less than that if you include the block rewards.

This got me to calculate the same figures for other coins, and again it was cheaper than I thought it should be. The goal of the site is to drive more attention to what I see as a pretty glaring problem with these smaller coins. Hashing power is easily retargetable, so not only can people rent hashing power, the larger mining pools can redirect hashing power at smaller coins for a few hours to attack them.”

Below is a picture from the crypto51 website-

 

Many have estimated costs of attacking and gaining more than 51% of the network to be much higher. The reason for the low cost is the change in the factor of mining equipment. Instead of buying the mining rig, the user added in costs of renting a mining rig.

Mining rigs are very expensive, and thus renting it out makes the attack far cheaper. The hardware required for such an attack could cost more than $1 billion if bought. Along with this electricity could be far more expensive.

Thus the user used the hashing power from NiceHash which has enough hardware to carry out an aggressive attack.

The website is released at a time when two popular cryptocurrencies, Verge, and Bitcoin Gold suffered 51% attacks last week.

Image Source: “Flickr”

The post Cost of a 51% Attack on Altcoins is Disturbingly Lower Than People Thought appeared first on Toshi Times.

Source: Toshi Times

Ledger Nano X - The secure hardware wallet

Recente berichten

  • ‘Bitcoin Standard’ author backs funding dev to make spamming Bitcoin costly
  • Everstake defends non-custodial staking as SEC weighs industry input
  • Here is why Bitcoin price is stuck below $105K
  • Pareto launches synthetic dollar backed by private credit
  • Asia’s wealthy shifting from US dollar to crypto, gold, China: UBS

Categorieën

  • Altcoin Buzz
  • Altcoin Buzz News
  • AMBcrypto
  • Bitcoin.com
  • Bitcoinist
  • BTC Manager
  • CCN
  • Coin Mastery
  • Coindesk
  • Coinpower News
  • Cointelegraph
  • CryproSlate
  • Crypto Daily
  • Crypto News (.net)
  • Cryptocoin News
  • Cryptocurrency News
  • CryptoDaily.co.uk
  • CryptoPotato
  • CryptosRUs
  • Daily HODL
  • DataDash
  • Ethereum Worldnews
  • Exchanges
  • ICO's
  • Invest in Blockchain
  • Market Analysis
  • News
  • News BTC
  • Newsbit
  • Portfolio
  • Pricecheck
  • Ready Set Crypto
  • The Modern Investor
  • ToshiTimes
  • Use The Bitcoin

Archieven

  • mei 2025
  • april 2025
  • maart 2025
  • februari 2025
  • januari 2025
  • december 2024
  • november 2024
  • oktober 2024
  • september 2024
  • augustus 2024
  • juli 2024
  • juni 2024
  • mei 2024
  • april 2024
  • maart 2024
  • februari 2024
  • januari 2024
  • december 2023
  • november 2023
  • oktober 2023
  • september 2023
  • augustus 2023
  • juli 2023
  • juni 2023
  • mei 2023
  • april 2023
  • maart 2023
  • februari 2023
  • januari 2023
  • december 2022
  • november 2022
  • oktober 2022
  • september 2022
  • augustus 2022
  • juli 2022
  • juni 2022
  • mei 2022
  • april 2022
  • maart 2022
  • februari 2022
  • januari 2022
  • december 2021
  • november 2021
  • oktober 2021
  • september 2021
  • augustus 2021
  • juli 2021
  • juni 2021
  • mei 2021
  • april 2021
  • maart 2021
  • februari 2021
  • januari 2021
  • december 2020
  • november 2020
  • oktober 2020
  • september 2020
  • augustus 2020
  • juli 2020
  • juni 2020
  • mei 2020
  • april 2020
  • maart 2020
  • februari 2020
  • januari 2020
  • december 2019
  • november 2019
  • oktober 2019
  • september 2019
  • augustus 2019
  • juli 2019
  • juni 2019
  • mei 2019
  • april 2019
  • maart 2019
  • februari 2019
  • januari 2019
  • december 2018
  • november 2018
  • oktober 2018
  • september 2018
  • augustus 2018
  • juli 2018
  • juni 2018
  • mei 2018
  • april 2018
  • maart 2018
  • februari 2018
  • januari 2018
  • december 2017
  • november 2017
  • oktober 2017
  • september 2017
  • maart 2017
  • juni 2016
  • juli 2014
  • september 2013
  • augustus 2013
©J Blockchain News Feed | Ontwerp: Krant WordPress thema