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Grin network hit with 51% attack while GRIN token remains resilient

Grin network hit with 51% attack while GRIN token remains resilient

Grin, a privacy-focused cryptocurrency constructed on the Mimblewimble protocol, has simply suffered a 51% assault on its blockchain.

In accordance with a Nov. 7 tweet from crypto mining group 2Miners, an unknown group amassed 57.4% of the whole 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%.

Knowledge from GrinScan exhibits the attackers had been capable of reorganize at the very least 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 price on the time of publication. 2Miners’ has risen to 24.6%, whereas sparkpool miners’ has dropped to 11.3%.

When a bunch of miners controls greater than half of a community’s mining energy, it may well 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 price doesn’t essentially imply it has in poor health intentions — sparkpool has had as much as 60% of the community’s hash energy earlier than and reportedly didn’t interrupt the manufacturing of latest GRIN blocks.

The GRIN token stays comparatively unchanged on the information, falling simply 1.3% over a 24 hour interval. 

The Ethereum Basic (ETC) blockchain suffered at the very least three 51% assaults in August, with attackers inflicting the reorganization of 1000’s of blocks. Not like 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 keeping with on-line useful resource Crypto51.