Ilya Popandopylo

City: Nijnii Novgorod

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Articles

Attack of 51% in cryptocurrency systems: essence, precedents, cost

ART 194008

Authors:

Ilya Popandopylo,

Aleksandr Anikin

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The article describes the phenomenon of conducting the “Attack of 51%” against cryptocurrency systems, examines the precedents of recorded attacks on cryptocurrency forks. Based on the statistical data on the main cryptocurrencies, the mining pools' ability to conduct such attacks is determined. The authors estimate the cost of intruders to implement an attack on basic cryptocurrencies and their forks.

Keywords: cryptocurrency, blockchain, 51% attack, bitcoin, mining pool, hash rate, ethereum