Bitcoin and Ethereum Attacks Economically Unfeasible, Study Finds
A new research paper published on Feb. 15 reveals that both Bitcoin and Ethereum are protected against 51% and 34% attacks, respectively, due to their high costs. A 51% attack refers to an attempt by an entity to gain control of more than half of a blockchain’s mining hash rate, while a 34% attack aims to manipulate the consensus of the ledger. The researchers estimate that it would have cost around $34.39 billion to attack the Ethereum network on Dec. 31, 2023, and until June 14, 2024, for the attacker to successfully gain control over the network. Similarly, attacking Bitcoin would require an attacker to produce an unattainable number of ASIC mining units or collude with hardware manufacturers.
The High Costs and Risks Outweigh Potential Benefits
The researchers conclude that the security measures in place for Bitcoin and Ethereum have made it economically unfeasible for attackers to carry out such attacks. The costs associated with these attacks far outweigh any potential benefits. Additionally, the limited availability of microprocessors and supply-chain issues make it practically impossible for attackers to acquire the necessary resources. Furthermore, the electricity costs required to run a large number of machines would also prove prohibitive.
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