Ethereum Classic [ETC] has suffered an another 51% blockchain attack in less than a week, arising the question of security onto the network.
Recently on 6th Aug., Etherchain.org tweeted that its affiliated mining pool Ethermine had disabled ETC pool payouts after over 4k blocks had been reorganized within the latest attack on Ethereum Classic [ETC].
It is not known if it’s an equivalent hacker or a copycat attack inspired by the primary attack.
ETC Should Just Switch To Proof Of Stake
In response to the increasing velocity of 51% attacks targeting ETC, Ethereum co-founder Vitalik Buterin tweeted:
“ETC should just switch to proof of stake. Even given its risk-averse culture, at now making the jump seems lower-risk than not making it.”
Despite the apparent vulnerability of the Ethereum Classic network, ETC is presently trading for $7.05 — a mere 1.5% slide over 7 days.
Its 2nd Time An Another 51% Attack Is Initiated
Last week’s reorganization attack saw a hacker reap a over 2,800% return on an investment of $192k in rented hash power from NiceHash — with the attacker double-spending 807,260 ETC worth $5.6 Mln into existence over less than 24 hours.
In line with crypto51, 51% attacks are often initiated against Ethereum Classic using rented hash power from NiceHash for just $12,028 per hour, with the platform presently offering up 32% more hashing power than is required to initiate the attack.
Ethereum Classic is among 45 cryptocurrencies that are immediately susceptible to 51% attacks using only hash power rented from NiceHash. ETC also suffered a 51% attack in earlier in January last year.