Grin Blockahin Faces 51% attack but GRIN Token Remains Steady November 9, 2020 November 9, 2020 Kelly Cromley http://1AZFjzw2#Nwf63pYaMWq#xIY
Market NewsNovember 9, 2020 by Kelly Cromley

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.

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.

AuthorKelly Cromley

Kelly is our in house crytpto researcher, delving into the stories which matter from blockchains being used in the real world to new ico coming out.