Two miners are reportedly executing 51% Bitcoin Cash Blockchain attack

Bitcoin Cash Blockchain attack

Two miners reportedly attacked Bitcoin Cash (BCH) blockchain by 51 percent, according to Cryptoconomy Podcast tweets hosted by Guy Swann on 24 May.

A 51% attack occurs when someone controls the majority of the mining power on a blockchain proof-of-working network. That means the majority block checker can prevent the mining and reverse transactions by other users.

While many assumed that a 51% attack would be perpetrated with malicious intent, the above-mentioned case occurred when the two mining pools sought to prevent an unaidentified party from taking coins which, because of the Code update, were mainly “up for grabs.” Swann said that the attack was perpetrated in an effort by two miners with the majority control of the network — and  According to Swann’s tweets:

51% attacks were generally considered to be unwanted and unprofitable, because they require huge amounts of computing power and once the network was considered compromised, users would flee ostensibly. and control 43 percent of the Bitcoin cash mining pool according to Coin. Dance statistics.

As Cointelegraph reported, the blockchain of the Ethereum Classic (ETC) was attacked 51% in January. Crypto exchange researchers reported that an assailant had overturned four transactions and lost 54,200 ETC. The exchange promised to compensate the users affected and recommended the blocking of transactions started by the attacker to other trading platforms.

Mark Funk
Mark Funk is an experienced information security specialist who works with enterprises to mature and improve their enterprise security programs. Previously, he worked as a security news reporter.