Crypto: Bitcoin and Ethereum invulnerable, says Coin Metrics

In the cryptosphere, security is a crucial issue. Bitcoin and Ethereum, the two market-leading cryptocurrencies, are often targeted for attack attempts. But are these crypto attacks really feasible? A study by Coin Metrics provides a reassuring answer.

51% attacks on #Bitcoin and #Ethereum are unlikely due to the astronomical “total cost to attack.” @CoinMetrics. https://t.co/mqEWZ0GBKf

— Cointelegraph (@Cointelegraph) February 16, 2024

Prohibitive cost of crypto attacks against Bitcoin and Ethereum

The crypto intelligence company Coin Metrics has just released a study that assesses the cost of an attack against Bitcoin and Ethereum, the two most popular and secure cryptocurrencies. The report introduces a new metric called “Total Cost of the Attack” (TCA).

The TCA takes into account the costs of:

• hardware,
• electricity,
• bandwidth,
• storage necessary to carry out a crypto attack.

According to this study, an attack against Bitcoin would cost about 20 billion dollars and would require the purchase of 7 million ASIC mining platforms. Even if a nation-state was capable of manufacturing its own mining rigs, the total cost would still exceed 20 billion dollars.

An attack against Ethereum crypto would cost about 15 billion dollars and would require the purchase of 2.5 million graphics cards. An amount also unobtainable on the market!

Ethereum protected from attacks thanks to Lido validators

According to Coin Metrics’ study, an Ethereum crypto attack using Lido validators would cost more than 34 billion dollars and would require over 6 months of preparation.

The attacker would have to buy more than 8 million ETH on the crypto market, which would drive up the price of the cryptocurrency. They would also need to manage over 200 nodes and bear significant AWS costs. Finally, they would face the resistance of the Ethereum community, which could take measures to counter the attack.

Coin Metrics’ study thus demonstrates that the main cryptocurrencies are now immune to attacks. A factor that promotes their widescale adoption!