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%.

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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


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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.