BTC and ETH proven to be impervious to 51% attacks, as per Coin Metrics study

According to recent research from crypto intelligence firm Coin Metrics, it is no longer feasible for nation-states to launch 51% attacks on the Bitcoin and Ethereum networks due to the exorbitant costs involved. A 51% attack refers to a situation where a malicious actor controls more than 51% of the mining hash rate or staked crypto in a proof-of-work or proof-of-stake network, respectively. This control can be used to manipulate the blockchain and undermine trust in the network. However, the Coin Metrics report argues that the current cost of capital and operational expenses make continuous attacks financially unviable for nation-states. The report introduces a metric called “Total Cost to Attack” (TCA) to quantify the cost of attacking a blockchain network. Using this metric, the researchers concluded that there are no profitable avenues for attacking Bitcoin or Ethereum. For example, a 51% attack on Bitcoin would require purchasing 7 million ASIC mining rigs, which would cost around $20 billion. Furthermore, even if a nation-state attacker had the resources to manufacture their own mining rigs, the cost would still exceed $20 billion. The report also dismisses concerns about a potential 34% staking attack on Ethereum, stating that it would be both time-consuming and expensive to carry out. The research has been praised for its rigorous and empirical analysis, filling a gap in the literature on this topic.