Bitcoin Forum

Hi everyone, i want to know a few questions for research purposes.

1.) what is a 51% attack?

2.) how do these people carry out these 51% attacks?

3.) do you need a hardware miner or can you just do it from a online miner?

thnx for helping me understand :) again im not gonna do this i just wanna learn about how they are doing it

1. https://www.investopedia.com/terms/1/51-attack.asp
https://www.mycryptopedia.com/51-percent-attack-explained/
Both of these links already enough to give you a huge explanation regarding the definition of 51% attack.

2. By buying more and more mining rig and they will try to increase the hashrate in the network to get more than 51% or 51% as a minimum. (Usually this has done by asic miners)


3. You need a bunch of new hardware miner or called mining rig to increase your hashrate to gain 51% hashrate power in the network.

In essence, it is an attack in which if someone is able to control >50% of the computing resources in the entire bitcoin network, that person would be able to single-handedly make decisions for things in the bitcoin network that require majority consensus to happen, such as deciding which transactions go onto the blockchain, etc. This person can’t do everything, but still, it would break down certain assumptions that bitcoin was based on.

I myself don't know about the 51% attack and if for mining it is usually people using tools that are made and integrated with online networks, if mining through online can also only be better to assemble a better device.

I think what happened is an excellent signal that the time has come for everyone to move from the PoW protocol the PoS and others. Like this should not happen this spoils the reputation of the entire crypto market.

thank youuu~ :)

The decentralization will be broken if a miner go over 51% after total mining network then someone can control the total bitcoin blockchain network but actually it is impossible to achieve more than 51 %.

1.) The most simplest explanation is that it's an attack that undertakes by owning or dominate more than 51% of hash power (it's called overhashing I think)

2.) They buy more and more computing power, buying more mining rig, ASIC, etc.

3.) You absolutely needs lots of hardware miner.

There are some project offering solution like KOMODO security project.

I think after %51 attack happen recently, all blockchain which doesn't have enough hashpower is basically dead.

I won't lay finger on any of them.