The current security model is Bitcoin BTC
-0.41%
ETH +1.09%
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.
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