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A potential 51% attack on the bitcoin network would cost $20 billion

Bitcoin: A potential 51% attack on the bitcoin network would cost $20 billion

The 51% attack is a serious threat to the security and integrity of blockchain networks such as Bitcoin and Ethereum.

It occurs when hackers gain control of more than half (51%) of the stacks or computing power, allowing them to manipulate transaction history and potentially steal funds.

According to analysts at Coin Metrics, the cost of an attack on 51% of the Bitcoin network would be in the tens of billions of dollars. To carry out such an attack, attackers would need to obtain a #hashrate equivalent to that of 7 million #ASICs. This would require an investment of around $20 billion.

However, the report emphasizes that such a number of mining rigs are not currently on the market. Even if production of #Bitmain AntMiner S9 analogs were to be established, it would require a significant amount of time and budget beyond the estimated $20 billion.

In the case of the Ethereum network, the cost of a 51% attack would be even higher. The report dismisses concerns about a theoretical validator attack on 34% of stub-fund assets, stating that it would be impractical due to the time and financial resources required.

According to Coin Metrics expert Lucas Nuzzi, an attack on Ethereum would take about 6 months due to an outflow limit that does not allow all resources to be deployed at once. The cost of such an attack is estimated at more than $34 billion dollars.

In addition, attackers will have to manage 200 nodes at the same time, which makes it difficult to coordinate actions. The report emphasizes that the current capitalization of assets and operational costs associated with such attacks are beyond the capabilities of even entire nations.

It's worth noting that in 2023, total losses from hacks and fraud totaled $1.9 billion, according to Hacken. This underscores the ongoing challenges and risks associated with #cybersecurity in the cryptocurrency space.

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