In line with a recent official ‘announcement‘ published, Ethereum Classic [ETC] developers have revealed that a mining pool manifestly claiming over 50% of the network’s hashrate was “most seemingly selfish mining”.
ETC devs conjointly in the tweet expressed that the antecedently ‘noted‘ hashrate consolidation isn’t a 51% attack, while double spends aren’t detected.
The tweet outlined a possible cause for “the recent mining events,” attributing the augmented hashrate to the testing of new 1,400/Mh Ethash machines by ASIC [application-specific Integrated Circuit] manufacturer Linzhi.
Even today, Renowned American crypto exchange ‘Coinbase’ published a ‘web-blog post‘ revealing it had “detected a deep chain reorganization of the Ethereum Classic [ETH] blockchain that enclosed a double spend” on 5th January. The exchange proceeded to halt withdrawals and deposits of Ethereum Classic [ETC], that have manifestly not resumed by press time.
Coinbase conjointly notes within the post that following the incident it detected 8 more reorganization episodes that conjointly enclosed double spends, amounting to a reported 88,500 ETC [about $445,155 USD at the reporting time].
Coinbase also outlined that it absolutely was “not the target of this double spent and no funds were lost.”
Chain reorganization is a scenario when one miner, or pool, has a lot more resources than the rest of the network. The dominant miner or pool can then define a new transactional history on the network by “picking an any previous block from which to extend an alternate block history.”
In Nov, Coinbase’s wallet service launched ‘support‘ for Ethereum Classic [ETC], permitting users to view, send and receive ETC. Coinbase 1st declared it’d add support for ETC, earlier in June 2018 resulting in a sharp temporary spike within the asset’s price.
Even in May, Husam Abboud – Brazilian researcher of FECAP University in Sao Paulo calculated that it might take “an averaged $70 Mln” to conduct a 51% attack on the Ethereum Classic [ETH] network.
However at the reporting time, Ethereum Classic [ETC] is presently trading at a price around ‘$5 USD‘ which is 4.18% lower than yesterday.