An unknown mining group currently controls more than half of the Grin blockchain’s hashing power.
Grin, a privacy-focused cryptocurrency built on the Mimblewimble protocol, has just suffered a 51% attack on its blockchain.
According to a Nov. 7 tweet from crypto mining group 2Miners, an unknown group accumulated 57.4% of the total hash power of the Grin (GRIN) network on Saturday evening. 2Miners only had control of 19.1% of GRIN’s hash power, while sparkpool miners came in third at 18.9%.
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
Data from GrinScan shows the attackers were able to reorganize at least one forked block, at 23:17 UTC on Nov. 7. The unknown mining group has also increased its control since Saturday, commanding 58.1% of GRIN’s hash rate at the time of publication. 2Miners’ has risen to 24.6%, while sparkpool miners’ has dropped to 11.3%.
When a group of miners controls more than half of a network’s mining power, it can affect the organization of blocks, potentially causing volatility in the token price and disrupting confidence in the blockchain. However, a mining group having control of 51% or more of a network’s hash rate does not necessarily mean it has ill intentions — sparkpool has had up to 60% of the network’s hash power before and reportedly did not interrupt the production of new GRIN blocks.
The GRIN token remains relatively unchanged on the news, falling just 1.3% over a 24 hour period.
The Ethereum Classic (ETC) blockchain suffered at least three 51% attacks in August, with attackers causing the reorganization of thousands of blocks. Unlike the ETC blockchain — which would cost attackers more than $7,000/hr to control more than half of the blockchain’s hash power — sustaining a 51% on the GRIN network only costs $75 at the time of publication, according to online resource Crypto51.
Source: , CoinTelegraph
Articles listed with Cash Tech News as the author are either general information, or may have been imported from another website, to bring our readers a rich media experience that encompasses articles that we find interesting, as well as those curated by others.
The views and opinions expressed here are for informational purposes only, and should not be confused with professional financial advice. These opinions are solely those of the author and do not necessarily reflect the views of CashTechNews.com. Every investment and trade involves risk. You should conduct your own research, and contact your professional financial advisor before making any investment.
Corrections, feedback, and ideas should be submitted through the website contact form.