BCH 51% Attack Cost Is Now Outstandingly Cheap: Analysis

The cost of staging a BCH 51% attack is quit lower than you can imagine. Currently, the cost per hour for wiping out Bitcoin Cash entirely is less than $9,130. This doesn’t include the block rewards that are able to reduce the attack cost by about 80% as we are reading in the bitcoin Cash news.

According to an analysis, the PoW coins including Bitcoin, Ethereum, Bitcoin Cash, and Litecoin are susceptible to cheap 51% attack which are able to damage the integrity of their network. Now, the BCH 51% attack is ridiculously cheap. The cost for BCH increased to more than $9,000 but it is heading to other levels of danger similar to the other PoW coins. The cost to 51% attack for Dash is about $2,423 per hour and the smaller networks reach up to $36 per hour. According to Crypto 51:

‘’Hash rates are from What to Mine, coin prices are from CoinMarketCap, and rental pricing is from NiceHash. The data has been spot checked for accuracy, but please let us know if any data is incorrect, and we’ll do our best to fix it.’’

The site also pointed out that most of the larger cryptocurrencies have a lot of mining capacity behind them which makes them very expensive to acquire the needed hardware to pull off an attack like that. The hourly cost for Bitcoin is also lower than most know, reaching $555,948 which means that any wealthy person or government that has some cash to spare, could stage an attack on the network within minutes. The hourly costs are eye-opening mainly given the Bitcoin halving event is coming up in May so we can expect to see a drop in hashing power as some of the miners will be forced out.

Looking at the dramatic drop in Bitcoin Cash hash rate in less than 2 days, down by 73 percent, this could be the beginning of the end for Roger Ver’s platform. Bitcoin SV, on the other hand, looks quite unstable with at 51% attack cost of $9,945 and it also halved recently. We can all hope for the Bitcoin halving to be a major bullish event and bring more positive sentiment on the entire crypto market.