The 51% Attack on Bitcoin is a potential Attack on Bitcoin on the blockchain network. It refers to a single miner or group of miners who are trying to control more than 50% of a network’s mining power, computing power or hash rate. In this Attack on Bitcoin, the Attack on Bitcoiner can block new transactions from taking place or being confirmed. They are also able to reverse the transactions that have already confirmed while they were in control of the network, leading to a double-spending problem.
When a miner forms a valid block of transactions, the individual will broadcast the block to other miners on the network. It can only be accepted if all transactions in a block are valid according to the existing record on a blockchain. However, a corrupt minor with more than 50% of a network’s hash rate does not broadcast solutions to the rest of the network. It results in the formation of two versions of the blockchain. One is the public version of the blockchain, which is being followed by legitimate miners. And second is used by the corrupt miners who are not broadcasting it to the rest of the network.
Bitcoin Mitigating Attack on Bitcoins
This type of Attack on Bitcoin is fictitious because it is costly to acquire computing power, which has more than 50% of the computing power of the entire network.
