New research from Coin Metrics found that 51% and 34% attacks on Bitcoin and Ethereum are no longer possible from nation-state attackers if their goal was to destroy the blockchains.
It is no longer viable for nation-states to destroy the Bitcoin and Ethereum networks via 51% attacks due to the astronomical costs required to do so, according to the latest research from crypto intelligence firm Coin Metrics.
A 51% attack refers to a malicious actor owning more than 51% of the mining hash rate in a proof-of-work system (such as Bitcoin) or 51% of staked crypto in a proof-of-stake network (like Ethereum). Attackers could theoretically use this power to alter the blockchain, like prevent new transactions from gaining confirmations or reverse transactions to double spend tokens, for example, which would destroy the network by eroding trust.
In a Feb. 15 report, Coin Metrics researchers Lucas Nuzzi, Kyle Waters and Matias Andrade argued that there are no longer viable ways for a nation-state attacker to continuously run an attack given the current cost of capital and operational expenses to achieve 51% control.
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Source: https://cointelegraph.com/news/bitcoin-ethereum-51-percent-attacks-coin-metrics-research