A 51% attack was performed on the Bitcoin SV blockchain
2 min readAn unidentified group reorganized the Bitcoin SV blockchain and created 3 different chains that mined simultaneously.
He was against two days ago BTC SV (BSV) performed 51% attack. BTC Satoshi’s Vision (BSV) is a fork of BTC Cash (BCH). He was born in November 2018, but the project never really started. In particular, its mining is not decentralized, so it is not so difficult to carry out 51% attack.
To date, according to Crypto51.app The 51% attack on BTC cost over $ 1.7 million per hour and the BCH would cost over $ 23,000 per hour, while the one on BSV is much cheaper at $ 7,589 per hour.
According to the briefing, a group of miners began a chain reorganization at 11:46 a.m. on August 3, 2021, managing to create 3 different versions of the blockchain that mined different mining pools at the same time. The attack continued for about 12 hours and reached a reorganization of about 14 blocks. This is, of course, catastrophic for the credibility of the blockchain, which depends on its immutability to guarantee its value and prestige among its users.
51% of attacks occur on weak chains that are of no interest to miners. The most famous examples of these types of attacks, in addition to BSV, were the cases of ETH Classic (ETC), Verge (XVG) and Bitcoin Cash (BCH).
In the case of BTC SV, the event is easy to understand thanks to a graph shared by Farum, a risk management platform developed by Coinmetrics. Each line represents a new string committed by different BTC SV nodes at the same time.
However, the situation now seems to be back under control and the price of BSV in the markets has not suffered a significant drop.
Consequences of 51% of the attack on BTC SV
The current value of BSV is around $ 135 only 4% lower than yesterday, although compared to yesterday’s peak of $ 147 it is 8% less.
In such cases, if the attacks have real consequences, there is usually a collapse in prices, while an 8% loss is not exceptional.
