Grin, a privacy-focused cryptocurrency constructed on the Mimblewimble protocol, has simply suffered a 51% assault on its blockchain.Based on a Nov
Grin, a privacy-focused cryptocurrency constructed on the Mimblewimble protocol, has simply suffered a 51% assault on its blockchain.
Based on a Nov. 7 tweet from crypto mining group 2Miners, an unknown group accrued 57.4% of the full hash energy of the Grin (GRIN) community on Saturday night. 2Miners solely had management of 19.1% of GRIN’s hash energy, whereas sparkpool miners got here in third at 18.9%.
Grin Community Is Underneath the 51% Assault!
Payouts are stopped. Please mine at your personal threat solely as a result of the brand new blocks might be rejected.@grincouncil @grin_hub @Hotbit_news @Poloniex @kucoincom @gateio_info @CoinBene pic.twitter.com/6seDSRe8Qw
— 2Miners (@pool2miners) November 8, 2020
Information from GrinScan reveals the attackers had been capable of reorganize no less than one forked block, at 23:17 UTC on Nov. 7. The unknown mining group has additionally elevated its management since Saturday, commanding 58.1% of GRIN’s hash fee on the time of publication. 2Miners’ has risen to 24.6%, whereas sparkpool miners’ has dropped to 11.3%.
When a gaggle of miners controls greater than half of a community’s mining energy, it could actually have an effect on the group of blocks, doubtlessly inflicting volatility within the token value and disrupting confidence within the blockchain. Nevertheless, a mining group having management of 51% or extra of a community’s hash fee doesn’t essentially imply it has unwell intentions — sparkpool has had as much as 60% of the community’s hash energy earlier than and reportedly didn’t interrupt the manufacturing of recent GRIN blocks.
The GRIN token stays comparatively unchanged on the information, falling simply 1.3% over a 24 hour interval.
The Ethereum Traditional (ETC) blockchain suffered no less than three 51% assaults in August, with attackers inflicting the reorganization of 1000’s of blocks. In contrast to the ETC blockchain — which might value attackers greater than $7,000/hr to regulate greater than half of the blockchain’s hash energy — sustaining a 51% on the GRIN community solely prices $75 on the time of publication, in accordance with on-line useful resource Crypto51.