Grin Suffers A 51% Attack On Its Blockchain
Grin Suffers A 51% Attack On Its Blockchain
November 10, 2020
Grin Suffers A 51% Attack On Its Blockchain
Grin Suffers A 51% Attack On Its Blockchain
November 10, 2020

Grin, a privacy-focused cryptocurrency, has suffered a 51% attack on its blockchain.

It has been reported by a tweet from crypto mining group 2Miners that an unknown group accumulated 57.4% of the total hash power of the Grin (GRIN) network on Saturday evening.

However, 2Miners only had control of 19.1% of GRIN’s hash power, while sparkpool miners came in third at 18.9%. 

The report said that the attackers were able to reorganize at least one forked block at 23:17 UTC on November 7. The unknown mining group has also increased its control since Saturday by commanding 58.1% of GRIN’s hash rate at the time of publication.   

2Miners’ has risen to 24.6%, while sparkpool miners’ has dropped to 11.3%.

ALSO READ :  Steven Mnuchin Says Firms Left Libra Due to Compliance Issues

When a group of miners controls more than half of a network’s mining power, it can affect the organization of blocks, potentially causing volatility in the token price and disrupting confidence in the blockchain.

Likewise, a mining group having control of 51% or more of a network’s hash rate does not necessarily mean it has ill intentions, sparkpool has had up to 60% of the network’s hash power before and reportedly did not interrupt the production of new GRIN blocks.

Thus, the GRIN token remains relatively unchanged on the news by falling just 1.3% over a 24 hour period. 

Source: Cointelegraph


Disclaimer

Crypto News Point a news platform of Digital Notice Media Labs is primarily a regular publication of information, commentary and articles focused extensively on fintech, blockchain technology, cryptocurrency, blockchain-based tokens, cryptocurrency market trends, and trading strategies. We do not provide individually tailored investment advice and does not take a subscriber’s or anyone’s circumstances into consideration when discussing investments, nor is Crypto News Point registered as an investment adviser or broker-dealer in any jurisdiction. Information contained herein is not an offer or solicitation to buy, hold, or sell any digital assets.

Affiliate Disclosure: To help support the work we do here at CNP, we often link to products and deals from around the web. Should you buy some of these, we may get a portion of the sale.

We in generally gather content from the major websites. In every article there is always a clear link and attribution to the source publication. If you have any issue with any of our published content taken from your site, kindly let us know so that we can take appropriate action. In any case, the content of the pages of this website is for your general information and use only. It is subject to change without notice.

You May Also like

Ishita Bora

Ishita Bora is a Senior Content Creator at Digital Notice Media Labs with an experience of 1 year. She has completed her Master's Degree in Language and Linguistics in 2019 from Gauhati University, India. Her interest lies in blockchain technology and cryptocurrency space, as she loves writing about blockchain and other blockchain-related articles. Currently, she is working on blockchain-based news, reviews, featured articles, and guides.