With the recent spate of 51% attacks in the cryptosphere you may be wondering what’s going on…

And even more importantly, what does it mean for bitcoin?

But first, what’s a 51% attack? It’s when a malicious actor takes over 51% of a network and can then attack it and make fraudulent transactions.

Usually it’s done to double-spend coins, effectively creating free money.

<center> https://s15.postimg.cc/61wwxdr2j/051.png </center> 

It started in early April with Electroneum getting [attacked](https://www.reddit.com/r/Electroneum/comments/88wbkv/electroneum_is_probably_under_a_51_attack_right/).

Soon after [Verge]( https://news.bitcoin.com/verge-is-forced-to-fork-after-suffering-a-51-attack/) got hit as well. They recovered quickly as they soon after announced a partnership with PornHub. But it wasn’t to last as [Verge]( https://news.bitcoin.com/verge-is-forced-to-fork-after-suffering-a-51-attack/) got hit in late May yet again.

Now news came out just the other day that [Zencash]( https://ethereumworldnews.com/51-attack-zencash-the-latest-victim-of-a-suspected-double-spend-attack/).

For a long time the 51% attack was a theoretical risk, but now it’s happening for real.

Part of the problem are hash pools. So now attackers don’t need to buy the equipment to perform the attack. All they need to do is rent hashpower for just enough time to commit the attack.

You can check out [51crypto]( https://www.crypto51.app/) which shows the cost per hour to perform an attack and how much hashpower is available through NiceHash, a mining pool.

At risk the most are the smaller coins that use the same hashing algorithm as larger coins. Hashpower can be directed from the larger coin to the smaller coin. And since the smaller coins generally have a much lower hashrate, you can get to 51% pretty easily.

Ubiq is a good example. It uses the same algorithm as Ethereum. There’s plenty of hashpower in mining pools to control its network many times over. And it’ll cost you less than $500 per hour.

A larger coin that might be at risk is Ethereum Classic. Here’s a great [Medium post]( https://medium.com/@HusamABBOUD/the-realistic-lucrative-case-of-ethereum-classic-attack-with-1mm-today-8fa0430a7c25) on just how lucrative it might be.

I don’t think it’s a threat to bitcoin however. If anything, like Antonopolous likes to say, it’ll make bitcoin more antifragile.

And I think we’ll see more coins hash into or merge mine with bitcoin like Komodo and Syscoin.

What do you think, will bitcoin get a 51% attack?

_____________________________________________________
<center>For more on cryptos follow me @g-dubs and on [SteemFollower](https://steemfollower.com/?r=1283) </center>
<center>Use my referral link to buy Bitcoin, Ethereum, and Litecoin at [Coinbase](https://www.coinbase.com/join/53b4b168d660043955000006)
and trade cryptos on [Binance](https://www.binance.com/register.html?ref=10079388) </center>