Bitstamp shows how much money an attacker would need to perform a 51% attack on Bitcoin
In a recent post on Twitter, the popular cryptocurrency exchange Bitstamp provided information on how much money an attacker would need a day to run a 51% attack on the Bitcoin network.
The post mentions it hacking Bitcoin with a 51% attack it would be necessary to spend about $ 5.5 million a day on electricity alone. Second BitStampthis would be the cost per day of energy if the cost per kWh is $ 0.05. There are some countries that have higher electricity prices while some regions have very cheap energy if they are in specific locations.
However, this is not all. An attacker would also require 51% of the hash power available on the Bitcoin network. That means they should spend billions of dollars on ASIC hardware. In 2018, the Bitcoin hash rate rose more than 3 times.
Of course, attacking the Bitcoin network seems like a very difficult task to be performed by a single entity, and also by a larger group of people or companies.
DID YOU KNOW: Hacking #Bitcoin with a 51% attack it would be necessary to spend about $ 5.5 million a day on electricity (if the cost of electricity is $ 0.05 per kWh). This is just the cost of energy, the necessary equipment would cost billions. #WednesdayWisdom 💡 pic.twitter.com/GW01HiPpXv
– Bitstamp (@Bitstamp) 9 January 2019
These comments made by Bitstamp are very important since the Ethereum Classic (ETC) the network has recently been hit by a 51% attack. As we wrote about BitcoinExchangeGuide, there have been some blocking reorgs that allow attackers to perform several double expenses. This affected the network by causing companies and users to lose more than $ 500,000 from the onset of the attack.
Ethereum Classic has been easier to attack due to the fact that its hash power is much lower than that of Bitcoin or Ethereum (ETH). This means that the money required by the attackers is substantially lower.