GRIN, a mimblewimble protocol-based privacy coin, had become the latest victim of a 51% attack when a group of unknown miners got control of more than 50% of the network’s hashing power.
On November 7th, the network came under attack by an unknown mining group, which was able to gain control of 57.4% of the hashing power.
A 51% attack occurs when more than 50% of the network’s hashing input is controlled by a single entity, which increases the risk of double-spending. As per on-chain data, the unknown miner group managed to reorganize one forked block at 23:17 UTC and since then increased their control on the network to 58.1% by Sunday. Currently, at 58.5%, according to Grinscan.
A tweet from 2Miners on Nov 8th revealed the 51% attack on the GRIN network, where they revealed that currently, they only have 19.1% of the hashing power of the network. The tweet read,
“Grin Network Is Under the 51% Attack! Payouts are stopped. Please mine at your own risk only because the new blocks could be rejected.”
GRIN Token Maintains Its Position in the Market
The news of the 51% attack didn’t really impact the token’s price as it remained a study showing a minimal drop of 1.4% over the past 24 hours.
The more diverse the mining input, the more secure the network, which is proven in the current case. The diverse mining input would ensure that a 51% attack would cost the miners more money than what he would gain in return. For example, the Ethereum Classic (ETC) network has the highest share of 51% attacks where the network experienced three 51% attack in August this year itself.
The miners needed $7,000 per hour to control more than 50% of the mining power; the cost is relatively low when compared to Bitcoin and Ethereum networks; however, it’s significantly higher than the GRIN network. The unknown miner group only required $25 per hour to control more than 50% of the platform’s hash input.
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