Published on May 25th, 2018 | by bitcoin0
Research Shows that Ethereum Classic 51% Attack would generate $1 Bln and only cost $55 Mln
Husam Abboud of FECAP University in São Paulo used the example of Ethereum Classic (ETC) to demonstrate the hackability of cryptocurrency networks using Proof-of-Work (PoW) algorithms.
“We can safely estimate The Cost of a 51% attack on Ethereum Classic today to be between 55 to 85 million [USD] (averaged $70 million),” Abboud reported.
The findings seemingly contradict previously-held assumptions that conducting network attacks – successful 51% attacks to control hashpower – is too expensive and would result in making the attacked currency worthless.
“Well if you have all that hashing power you’re better off mining coins than attacking the network!” Abboud summarizes the argument as believing.
Now, however, the situation is different, with barriers to entry in terms of equipment cost removed and shorting making it possible to achieve considerable profits, he adds.