A new website claims to have calculated "precise" costs for launching a 51% attack against some of the most important cryptomonnaies.
HACKER BITCOIN FOR $557
51 Crypto, which includes in its Bitcoin, Ethereum, Bitcoin Cash, Litecoin and Monero lists, indicates the theoretical cost of a 51% attack for one hour, as well as the amount of hash power required that an attacker could purchase from a standard rental service such as NiceHash.
The list makes reading discouraging. Bytecoin, a CryptoNight part with a market capitalization of just under $1 billion, could be 51% attacked using mining power rental for the equivalent of only $557.
Litecoin Cash, recently born from Litecoin's fork, would require only $343 for a one-hour attack, while Bitcoin would require $554,000 and Ethereum $360,000. Bitcoin Cash would only need $72,000.
"It is not intended to encourage or help commit an attack, but rather to get people to talk about the problem and potential solutions," says the 51Crypto website.
THE INDUSTRY CAUGHT YOU BY SURPRISE?
The figures come about a week after the publication of a blog article dedicated to the security and vulnerability of corners running a proof-of-work (PoW) algorithm. A Brazilian researcher determined that Ethereum Classic (ETC) could be sabotaged for 55 million dollars with a potential profit of 1 billion dollars, even if it would be almost impossible to sell 1 billion ETC on the market after such an attack.
Responding to ads from 51Crypto, the creator of Litecoin, Charlie Lee seemed surprised, noting that the Brazilian project reported that the "ease" of launching an attack has greatly increased by the rental services, eliminating the overhead of purchasing expensive equipment.