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The Grin network has been attacked 51% and the GRIN token remains stable

November 9, 2020

grin, A cryptocurrency that focuses on privacy based on the mimblewimble protocol, just suffered a 51% attack on blockchain.

According to a tweet by mining group 2Miners on Nov. 7 an unknown group accumulated 57.4% of the total performance of the Grin Network (GRIN) on Saturday evening. 2Miners only had control of 19.1% of GRIN’s hashing power, while the Sparkpool miners came in third with 18.9%.

The Grin network is attacked to 51%!

Payments have ceased. Please mine only at your own risk as new blocks may be rejected.

GrinScan data shows this The attackers were able to reorganize at least one fork block on November 7 at 23:17 UTC. The unknown mining pool has also increased his control since Saturdayc58.1% of the GRIN hash rate at the end of this issue. 2Miners ‘is up to 24.6% while Sparkpool Miner’ is up to 11.3%.

The Grin network has been attacked 51% and the GRIN token remains stable
The Grin network has been attacked 51% and the GRIN token remains stable

If a group of miners controls more than half of a network’s mining power, it can affect the organization of blocks, potentially causing price fluctuations in the token and disrupting trust in the blockchain.. However, a mining pool that controls 51% or more of a network’s hash rate doesn’t necessarily mean it has bad intentions: sparkpool previously had up to 60% of the network’s hashing power and has reportedly not disrupted the production of new GRIN blocks.

The GRIN token remains relatively unchanged on the news, it fell just 1.3% in 24 hours.

The Ethereum Classic (ETC) blockchain suffered at least three 51% attacks in August, with the attackers causing the reorganization of thousands of blocks. In contrast to ETC’s blockchain, which would cost attackers more than $ 7,000 an hour to control more than half the hashing power of the blockchain, maintaining 51% in the GRIN network silo at press time costs $ 75 -Dollar. , according to the online resource Crypto51.

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