Grin Blockahin Faces 51% attack but GRIN Token Remains Steady
The blockchain of Grin, a privacy centered crypto created on the Mimblewimble covenant, was subject to a 51% attack. As per a tweet by crypto miner 2Miners, an anonymous group amassed 57.4% of the aggregate hash power of the Grin (GRIN) network on Saturday.
While 2Miners stands second in the list with a control over 19.1% of GRIN’s hash power, sparkpool miners took the next place with a control over 18.9% of hash power.
Data provided by GrinScan indicates that hackers had succeeded in reorganizing a minimum of one forked block at 23:17 UTC on November 7. The anonymous mining group has also tightened its grip on Saturday by gaining control over 58.1% of GRIN’s hash rate. Other prominent miners include 2Miners’ which controls over 24.6% of the network, while that of sparkpool miners has declined to 11.3%.
The organization of blocks can be severely affected when a team of miners begin controlling over 50% of hash power or network’s mining power. This would cause the native token’s price volatility to increase considerably and shatter trust in the blockchain.
It should be noted that a mining group cannot be stamped as shyster just because it controls over 51% of hash power. For example, sparkpool had control of GRIN network’s 60% hashpower but did not disrupt the creation of fresh GRIN blocks.
Grin Network Is Under the 51% Attack!
Payouts are stopped. Please mine at your own risk only because the new blocks could be rejected.@grincouncil @grin_hub @Hotbit_news @Poloniex @kucoincom @gateio_info @CoinBene pic.twitter.com/6seDSRe8Qw
— 2Miners (@pool2miners) November 8, 2020
The GRIN token continue to trade in a stable manner, despite the negative news, declining only 1.3% in the last 24 hours. Back in August, the Ethereum Classic (ETC) blockchain faced a minimum of three 51% attacks, resulting in the reorganization of thousands of blocks.
In contrast to the ETC blockchain attack, which would cost over $7,000 per hour for hackers to retain control of over 50% of blockchain’s hash power, maintaining a 51% control over GRIN blockchain will only cost $75 for hackers, making it an easy target, as per crypto tech data provider Crypto51.