TL;DR Breakdown
- In an attempt to destroy the cryptocurrency, a 51 percent attack was attempted on the Bitcoin SV network.
- The attack was caused a 5 percent crash in the price of the coin.
- An overwhelming hashing power was released into the network today to gain control.
51 percent attacks are one of the biggest threats to the existence of any cryptocurrency. Any currency following a decentralized ledger and using miners for validation of transactions has considerable risks of falling apart due to a successful 51 percent attack.
In such an attack, the miners try to control 51 percent of the network, allowing double spending of the coin, destroying its value. Today, the Bitcoin SV network, a version of the Bitcoin fork, Bitcoin Cash, suffered this attack, leading to a drop in the price of the cryptocurrency.
51 percent attack on Bitcoin SV network
The 51 percent attack implemented on the Bitcoin SV network seemed to be an attempt to push the cryptocurrency out of existence by allowing double-spending. The attack resulted in a lot of confusion among the miners in the mining pool.
Three versions of a blockchain on the Bitcoin SV network were being mined simultaneously. Bitcoin SV’s price fell by around 5 percent after the news of the attack came out as investors panicked.
Is it over for Bitcoin SV?
The Bitcoin Association has asked all the operators of the nodes to put an end to the blockchain that has been infected by marking it as fraudulent in the Bitcoin SV network. This seemed to be the only immediate solution.
According to a spokesperson from the Bitcoin Association, the reason for this attack on the network was to implement the dissolution of the network. The spokesperson claims that BSV had continued to successfully give competition to other cryptocurrencies, with the aim of performing the original expectations of Bitcoin.
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