51% Percent Attack On Bitcoin is Possible in the Cost of $639,677 Per Hour

Priyanka Kulkarni
Priyanka Kulkarni, post-graduated in Business Administration holds worthy experience in market research and investment banking. She is passionate to flaunt her perception towards cryptocurrencies.
  • A recent report says that around $639,677 costs per hour to launch 51 percent attacks on the Bitcoin (BTC) network and other proof-of-work (PoW) cryptocurrency networks.
  • The reason of 51 percent attack is when a single entity controls around 51% of the network’s mining hashrate, allowing it to prevent new transactions confirmation, reverse completed transactions, and halt payments among users.
  • At present the number of concerns related to the Bitcoin network is vast, and the fall in hashrate along with the difficulty is something that was predicted before the halving.

A recent report says that around $639,677 costs per hour to launch 51 percent attacks on the Bitcoin (BTC) network and other proof-of-work (PoW) cryptocurrency networks.

The number of concerns related to the Bitcoin network is vast

To keep the networks secured and to authorize transactions, POW protocol is used. It also prevents attacks by allowing a distributed consensus of transactions.

The reason of 51 percent attack is when a single entity controls around 51% of the network’s mining hashrate, allowing it to prevent new transactions confirmation, reverse completed transactions, and halt payments among users.

At present the number of concerns related to the Bitcoin network is vast, and the fall in hashrate along with the difficulty is something that was predicted before the halving.

The halving episode decreases the block rewards

The halving episode decreases the block rewards or subsidy of the miners by indicating that miners will make less profit from mining BTC blocks.

The below-mentioned list is the top 5 ranks of cryptocurrency through cost of 51 percent attacks per hour:

  • 1st: Bitcoin (BTC): $639,677
  • 2nd Ethereum (ETH): $84,937
  • 3rd Ravencoin(RVN): $24,896
  • 4th Litecoin (LTC): $12,849
  • 5th Zcash (ZEC): $8,819

A database depicting an exclusive list of how much an entity needs to spend to attack the Bitcoin network is approx. $639,677 per hour, during this article. Whereas, if we move towards the Ethereum network, the cost of taking over is around $84,937, which is much less compared to BTC.

In the third position, Ravencoin stands with the attack per hour of around $24,896. The Litecoin and Zcash are also in the race of the attacks for about $12,849 and $8,819 respectively.

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