Second 51% attack on Ethereum Classic


Do you remember the article i posted about Ethereum Classic 51% attack last week ?

Today, Etherchain.org posted a tweet and stated that the affiliated mining pool Ethermine had disabled ETC payout after 4000+ blocks had been reorg-ed in the latest attack.
It is still unknown if the attacker is the same person with the first one or not.

Last week, the hacker reaped about $192,000, it is 2,800% ROI from renting hash rate from NiceHash. 51% attack can be initiated on Ethereum Classic using rented hash rate power from NiceHash for just $12028 / hr. The attacker was double-spending 807,260 ETC, worth about $5,6 million.

In other words, Ethereum Classic network security is very questionable. Anyone who understand about 51% attack could rent the hash rate to attack the network. Maybe it is better for Ethereum Classic to become a PoS coin like Ethereum update ?








Author : Juice Shen

Comments

  1. OliviyaFebruary 2, 2022 at 12:19 AM

    well, thats a great blog. Really so much impressive and i love that type of post. thank you.

    If you ssearching for a legit financial service .Check it out. Link below.
    Unclaimed Mystery Box
    deep web money transfer
    legit paypal transfer dark web
    darknet paypal transferpa
    dark web financial services .

    Please carry on and keep blogging . Thanks again

    ReplyDelete

Post a Comment

Popular posts from this blog

Disciplina - Multifunctional Blockchain

Image
The Technology of Blockchain has give many peoples in the world a huge amount of profits in the last few years from their investment in world of Cryptocurrency. Blockchain technology is fully supporting a traceability system as blockchain can store the history of all transactions ever made and recreate the history and identify the origin of a product. The use of the blockchain as a traceability system is useful both in terms of speedy identification of a certain product and investigation especially if it is contaminated. In a centralized system, information connectivity between the partners are required for an effective traceability system since one of the parties is the responsible for the data. In a Blockchain system where the information is gathered and accessible for all parties connected, would have a shorter localization process of the goods if that is requested. in This time I will bring a summary of information about Disciplina is a multifunctional Blockchai...
Read more

Worldwide Payments Accepted in Seconds by PayAccept

Image
As a crypto-enthusiast, do we know what Bitcoin really is ? Let me give some explanations about it for us. Bitcoin and Blockchain First, the definition, Bitcoin is an electronic peer to peer payment system and it was created by Satoshi Nakamoto in 2009. Second, why Satoshi Nakamoto created it ? It is because there was financial crisis / trust issue happening on banks in the past. The centralized party like banks force people to trust the bank to control their money. Satoshi Nakamoto Does Bitcoin solve the problem ? Yes it is. With Bitcoin, people have other option than using banks to manage their money : using Bitcoin. The nature of bitcoin is decentralized because there is no central point like banks, so there are nothing to monopolize the money or control it centrally. Bitcoin using Blockchain technology to running the network, it is like a big ledger of all transactions in the network. So what is Blockchain ? To put it simple, it is a series of blocks, which every blocks has the det...
Read more

Algorand Presents New Opportunities With Its Upgrade

Image
The traditional ways of doing things has been considered as the normal method regardless of the fact that it was crippled by a lot of flaws that made operations in traditional systems turn out ineffective, until the digital revolution set in. But even at that, the different applications created were all geared towards providing tools which will make activities to become easier both in the digital space and otherwise, but none of them actually possessed what is required to improve the different industries which are considered to be the pioneers of the ongoing digital revolution. The Blockchain technology came as a remedy to this problem, to bring improvement not only to the traditional sectors but to the financial system of the different sectors making up the global  system. Blockchain has been around for a while now, but irrespective of its time of creation, it has improved more systems than a lot of the traditional tools combined, a clear indication that the Blockchain has a...
Read more