New research from Coin Metrics found that 51% and 34% attacks on Bitcoin and Ethereum are no longer possible from nation-state attackers if their goal was to destroy the blockchains.
It is no longer viable for nation-states to destroy the Bitcoin and Ethereum network via 51% attacks due to the astronomical costs required to do so, according to the latest research from crypto intelligence firm Coin Metrics.
A 51% attacks refer to a malicious actor owning more than 51% of the mining hash rate in a proof-of-work system (such as Bitcoin) or 51% of staked crypto in a proof-of-stake network (like Ethereum). Attackers could theoretically use this power to alter the blockchain like preventing new transactions from gaining confirmations, or reverse transactions to double spend tokens for example.
Attackers could theoretically use this power to alter the blockchain, such as preventing new transactions from gaining confirmations or double-spending tokens — destroying the network completely by eroding trust.
