As Bitcoin’s price continues to soar, so does the incentive for bad actors to try and take it down. A 51% attack is one of the most serious threats to the Bitcoin network, and it could theoretically allow an attacker to spend the same coins multiple times, stop other users from completing transactions, and make other changes that could damage the network.
So how much would it cost to mount a 51% attack on Bitcoin?
It depends on a few factors, including the hashrate of the attacker and the duration of the attack. But assuming an attacker had enough hashpower to control 51% of the Bitcoin network for one hour, they could theoretically cause around $700,000 worth of damage, according to a recent estimate from BitMEX research.
Of course, mounting a 51% attack is no small feat. It would require an enormous amount of computing power and money to pull off, and it’s unlikely that any attacker would be able to sustain an attack for more than a few hours before being detected and shut down.
Still, the fact that a 51% attack is even possible is a testament to the strength of the Bitcoin network. Despite being one of the most secure networks in the world, it is still vulnerable to attacks from well-funded and determined bad actors.
So while a 51% attack on Bitcoin is unlikely to succeed, it’s important to be aware of the risks involved in holding and using cryptocurrency.