Ethereum

2024

Bitcoin

Coin

<p>In the cryptosphere, security is a crucial issue. Bitcoin and Ethereum, the two market-leading cryptocurrencies, are often targeted for attack attempts. But are these crypto attacks really feasible? A study by Coin Metrics provides a reassuring answer.</p>
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
  <div class="entry-content-asset">
   <div class="social-embed-container">
    <blockquote class="twitter-tweet" data-width="500" data-dnt="true">
     <p lang="en" dir="ltr">51% attacks on <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Bitcoin</a> and <a href="https://twitter.com/hashtag/Ethereum?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Ethereum</a> are unlikely due to the astronomical “total cost to attack.” <a href="https://twitter.com/coinmetrics?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@CoinMetrics</a>. <a href="https://t.co/mqEWZ0GBKf" rel="noopener noreferrer nofollow">https://t.co/mqEWZ0GBKf</a></p>— Cointelegraph (@Cointelegraph) <a href="https://twitter.com/Cointelegraph/status/1758322177638793310?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">February 16, 2024</a>
    </blockquote>
    <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
   </div>
  </div>
 </div>
</figure>
<h2 id="h-prohibitive-cost-of-crypto-attacks-against-bitcoin-and-ethereum">Prohibitive cost of crypto attacks against Bitcoin and Ethereum</h2>
<p>The crypto intelligence company Coin Metrics has just released a study that assesses the cost of an attack against <a href="https://www.cointribune.com/en/are-you-more-of-a-bitcoin-or-ethereum-person/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin and Ethereum</a>, the two most popular and secure cryptocurrencies. The report introduces <strong>a new metric called “Total Cost of the Attack” (TCA)</strong>.</p>
<div class="my-4">
 <div class="ads " data-page-type="" data-location="1">
 </div>
</div>
<p>The TCA takes into account the costs of:</p>
<ul>
 <li>hardware,</li>
 <li>electricity,</li>
 <li>bandwidth,</li>
 <li>storage necessary to carry out a crypto attack.</li>
</ul>
<p>According to <a href="https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4727999" target="_blank" rel="noopener noreferrer nofollow">this study</a>, <strong>an attack against Bitcoin would cost about 20 billion dollars</strong> and would require the purchase of 7 million ASIC mining platforms. Even if a nation-state was capable of manufacturing its own mining rigs, the total cost would still exceed 20 billion dollars.</p>
<p><strong>An attack against Ethereum crypto would cost about 15 billion dollars</strong> and would require the purchase of 2.5 million graphics cards. An amount also unobtainable on the market!</p>
<h2 id="h-ethereum-protected-from-attacks-thanks-to-lido-validators">Ethereum protected from attacks thanks to Lido validators</h2>
<p>According to Coin Metrics’ study, <strong>an Ethereum crypto attack using Lido validators would cost more than 34 billion dollars</strong> and would require over 6 months of preparation.</p>
<p>The attacker would have to buy more than 8 million <a href="https://www.cointribune.com/en/crypto-markets/ethereum-eth-en/" target="_blank" rel="noopener noreferrer nofollow">ETH</a> on the crypto market, which would drive up the price of the cryptocurrency. They would also need to manage over 200 nodes and bear significant AWS costs. Finally, they would face <strong>the resistance of the Ethereum community</strong>, which could take measures to counter the attack.</p>
<p>Coin Metrics’ study thus demonstrates that the main cryptocurrencies are now immune to attacks. A factor that promotes their widescale adoption!</p>

Crypto: Bitcoin and Ethereum invulnerable, says Coin Metrics

Table of Contents

Cointribune EN

Other articles published on Feb 16, 2024

Aptos Partners with Jambo to Launch $99 SmartPhone and Increase Access to Crypto in Emerging Markets

4 cryptocurrencies under $1 to buy next week

Polygon (MATIC) Rival Expected to Cross $2 First, Top Analyst Picks Algotech (ALGT)

H100 GPUs from Nvidia Are Delivered Fast Now

Crypto Money Laundering Plummets By 29% In Latest Chainalysis Findings

Spot Bitcoin ETF: Top US Banks Fighting to Get a Piece of the Pie

Join our free newsletter for daily crypto updates!