Risks of 51% Attack for Bitcoin Cash

David Kemp

Bitcoin Cash has gathered a massive following over time but right now they are concerned with easy it would be to conduct 51% attack. And a lot of these users let the public know exactly why they are dissatisfied with the recent fork. Let’s find out the details together with NewsBlockchain.  

The worrying factors

We cannot say that the only people who expressed their worrying are newbies and do not know what are they talking about. On the contrary, there are a lot of analysts who speak up. One of them is Yassine Elmandjra, who works for ARK Invest. He gave his twitter following a serious matter for discussion. He said that after halving, hashrate went down by 30% after the halving in April. It resulted in making Bitcoin Cash vulnerable for 51% attack.

In his words, he is surprised that the network did not experience the attack yet, since the cost of this estimated by him is just under $10 000.

Other opinions on the 51% attack price

The go-to for this topic website crypto 51 has named more precise numbers. According to their calculation, as of 26 May the cost of 51% attack is around $8,458 for one hour. The website uses special technique for defining price of the attack per hour. They use their algorithm and metric from NiceHash to calculate how much you will need to pay for extra hashing power. However, it is important to remember that the cost of attack does not include the future reward of the miner. So if we will take in account reward for blocks, the price may be down by 80%.

In November, ex-CEO of Bitcoin.com said that Bitcoin Cash has potential to grow 1000 times more. The coin is reliable and useful enough to maybe become sufficient payment system and be used around the world.