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Home»ADOPTION NEWS»Attacks on Bitcoin and Ethereum are now ‘economically unfeasible’: Study
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Attacks on Bitcoin and Ethereum are now ‘economically unfeasible’: Study

By Crypto FlexsFebruary 16, 20243 Mins Read
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Attacks on Bitcoin and Ethereum are now ‘economically unfeasible’: Study
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Security • February 16, 2024 3:23 AM EST

Posted 1 minute ago In ~

The current security model is Bitcoin BTC

-0.41%
and Ethereum ETH

+1.09%
A new research paper published on February 15 found that 51% and 34% of attacks, respectively, were “economically infeasible.”

A 51% attack is an attempt by an entity to control more than half of a blockchain’s mining hash rate, theoretically allowing them to maliciously alter the distributed public ledger. Similarly, a 34% attack attempts to manipulate the consensus of the ledger (proof-of-stake or BFT network) to approve or reject specific transactions by acquiring network stake.

According to the researchers, a 34% attack on the Ethereum network on December 31, 2023 (when Ethereum is priced at $2,279 per coin) would have cost approximately $34.39 billion, and the attacker would be able to do so on June 14, 2024. It will take until. Successfully gain the necessary control over the network.

For Bitcoin, various scenarios have proven similarly unfeasible. For example, it would cost more than $20 billion to produce the number of ASIC mining rigs needed for an attacker to gain the majority of control over the hash rate of the most important blockchains. This is not possible due to limited microprocessor availability.

Alternatively, the attacker may need to collude with the hardware manufacturer. This is an unlikely scenario in which supply chain issues will also occur.

The electricity costs of running a large number of machines would also be prohibitive.

“The security of Bitcoin and Ethereum has evolved to the point where the costs and risks associated with an attack far outweigh the potential benefits,” the researchers concluded.


Disclaimer: The Block is an independent media outlet delivering news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information about the cryptocurrency industry. Below are our current financial disclosures.

© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.

About the author

Adam is Editor-in-Chief for Europe, Middle East and Africa. He lives in Central Europe and is the editor-in-chief and podcast host at OKX Insights, the former research arm of cryptocurrency exchange OKX. Prior to that, he co-founded and served as Editor-in-Chief of BeInCrypto.com, growing it into one of the leading cryptocurrency media brands. He previously served as Editor-in-Chief of Bitcoinist.com. Before joining the blockchain and cryptocurrency industry, he worked at Looper.com, Grunge.com, and SVG.com. He tweets at @XBT002 and can be emailed at (email protected).
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