Within the cryptosphere, security represents a crucial issue. Bitcoin and Ethereum, the two leaders of the crypto market, are often the target of attempted attacks. But are these crypto attacks really feasible? A study by Coin Metrics provides a reassuring answer.
Prohibitive cost of crypto attacks against Bitcoin and Ethereum
Crypto intelligence firm Coin Metrics has just published a study that estimates the cost of an attack against Bitcoin and Ethereum, the two most popular and secure cryptocurrencies. The report uses a new metric called “Total Cost of Attack” (TCA).
The TCA takes into account the cost:
- equipment,
- electricity,
- bandwidth,
- of storage needed to carry out a crypto attack.
According to this study, an attack on Bitcoin would cost around $20 billion and would require the purchase of 7 million ASIC mining rigs. Even if a nation state were able to manufacture its own mining rigs, the total cost would still exceed $20 billion.
Attack on Ethereum crypto would cost around $15 billion and would require the purchase of 2.5 million graphics cards. A quantity also not found on the market!
Ethereum protected from attacks thanks to Lido validators
According to the Coin Metrics study, crypto attack on Ethereum using Lido validators would cost over $34 billion and would require more than 6 months of preparation.
The attacker is expected to purchase over 8 million ETH on the crypto market, which would drive up the price of the cryptocurrency. It would also have to manage more than 200 nodes and pay significant AWS costs. Finally, he will have to face the resistance of the Ethereum communitywhich could take measures to counter the attack.
The Coin Metrics study therefore demonstrates that the main cryptocurrencies are now immune to attacks. Enough to encourage their large-scale adoption!
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