Thursday, October 1, 2020
No menu items!
  • News
  • Bitcoin
  • Blockchain
  • Cryptocurrency
  • Contact Us
More

    To Attack Bitcoin (BTC) is Now Over 140x Costlier than Bitcoin Cash (BCH)

    Must Read

    Chainalysis and Integra FEC Are Awarded $625,000 by IRS for Cracking Monero (XMR) Privacy

    According to a report credited to Cointelegraph, the blockchain analytics firm Chainalysis and a Texas-based firm, Integra FEC, have...

    Eligibility of David Schwartz to Free Spark Tokens Questioned: Ripple CTO and Flare Clear the Air

    The snapshot of XRP Ledger for the widely publicized Spark tokens is slated for 12th December 2020. About 1.5...

    Early XRP Bull Who Benefitted from 50,000% Rally Speaks On How to Spot Parabolic Runs Before They Occur

    A popular XRP investor, who has been part of the crypto community since 2012 and has been bullish about...
    Avatar
    Solomon Odunayo
    Solomon has a growing passion for writing, this propelled him to keenly work on Eagles News Media for about two years before delving into the cryptocurrency and Blockchain industry he finds more interesting. He worked as a crypto Journalist and Editor at NewsLogical before joining Herald Sheets, owing to the priceless experience he has accumulated since he became a contributor in the crypto community.




    According to Crypto51.app, the cost of Attacking Bitcoin (BTC), the first and largest cryptocurrency, is now 140x costlier than the cost required to attack Bitcoin Cash (BCH).

    Bitcoin Cash (BCH), the fifth-largest digital currency by market capitalization, recently experienced its first-ever block reward halving.

    As soon as block 630,000 of the network was mined, the number of coins issued for miners was reduced by half from 12.5 per block to 6.25, which resulted in BCH miners abandoning the network.

    The fact that the miners faced the loss of 50% of their revenue after the Bitcoin Cash’s halving, forced them to run on tight margins to turn off their machines or ply their mining trade on other networks, such as Bitcoin.

    51% Attack on Bitcoin (BTC) Is Now Over 140x More Costly Than Bitcoin Cash (BCH)

    According to data from Crypto51.app, a channel that tracks the cost of perpetrating a 51% attack on a blockchain to falsify certain transactions, the cost to enact attack on Bitcoin Cash (BCH) for one hour is relatively $4,250, which is equivalent to about 16.5 BCH at press time.

    At the same time, Crypto51.app estimated the cost required to enact a 51% attack on the Bitcoin network, and comes out with $620,000, which implies about 14,400% higher, or better still, over 140x costlier than Bitcoin Cash (BCH).

    How Crypto51.app Obtained the Data

    Crypto51.app derives this data by calculating the cost needed to acquire enough mining power to control 51% of a particular network. This is technically based on the cost of acquiring computational power via NiceHash.

    However, NiceHash cannot singlehandedly gain access to enough machines to process the large requests needed to effect a temporary takeover of a leading blockchain, but the website only quantifies the level of security of a network.

    What 51% Attack Implies

    Using a 51% attack, attackers can successfully take over a blockchain network, giving them free will to reverse certain transactions.

    A cryptocurrency exchange that accepts the digital token of a blockchain that has been subjected to a 51% attack could face huge losses, as the attacker could send digital tokens to a platform to get credit, only to subsequently reverse the transfer, making such as an exchange experience double losses.




    LEAVE A REPLY

    Please enter your comment!
    Please enter your name here

    Latest News

    Chainalysis and Integra FEC Are Awarded $625,000 by IRS for Cracking Monero (XMR) Privacy

    According to a report credited to Cointelegraph, the blockchain analytics firm Chainalysis and a Texas-based firm, Integra FEC, have...

    Eligibility of David Schwartz to Free Spark Tokens Questioned: Ripple CTO and Flare Clear the Air

    The snapshot of XRP Ledger for the widely publicized Spark tokens is slated for 12th December 2020. About 1.5 billion XRP from over 20,000...

    Early XRP Bull Who Benefitted from 50,000% Rally Speaks On How to Spot Parabolic Runs Before They Occur

    A popular XRP investor, who has been part of the crypto community since 2012 and has been bullish about the bankers’ digital token from...

    IOTA Implements Mana to Defend Against Sybil Attacks

    IOTA Foundation has implemented Mana, a new reputation system that is integrated into pollen, to defend against Sybil attacks. A blog post that explains...

    Cardano (ADA) You Keep On Crypto Exchanges Don’t Belong To You –User Buttresses His Viewpoint

    A supposed Cardano investor has recently averred that any ADA holder that chose to keep his/her holdings on cryptocurrency exchanges has little control over...

    More Articles Like This