Bitcoin [BTC] and Ethereum [ETH] spend millions to secure network against 51 percent attacks

Bitcoin [BTC] and Ethereum [ETH] spend millions to secure network against 51 percent attacks

bitcoin [BTC] and Ethereum [ETH] are the most secure proof-of-work [PoW] coins, attested Messari, the cryptocurrency research and metrics platform.

On 25 March, Messari published a screener detailing the top PoW coins based on the revenues offered to miners on the basis of new issuances and transaction fees. bitcoin topped the list, producing the most amount of assets for PoW coins, with Ethereum coming in second. The top-10 also saw major coins like Litecoin [LTC], bitcoin Cash [BCH] and Monero [XMR].

Based on these new issuances, the top cryptocurrency notched up $7.27 million worth of BTC tokens in a 24-hour period, with the mining fees topping at $113,300. Ethereum, which is moving to a proof-of-stake system later this year, saw new issuances worth $1.82 million, with the mining fees accounting to $57,187.

In terms of kilobytes added to the network in a 24-hour period, the depth of difference between the two coins was not so vast. bitcoin added 153,444, while Ethereum brought in 120,477. bitcoin and Ethereum spent 0.0104 percent and 0.0128 percent, respectively, of their market cap on new issuances.

Taking the third spot was the fourth largest cryptocurrency in the market, Litecoin. Besides the top two, no other coin spent in excess of a million to protect against potential 51 percent attacks, with Litecoin accounting for new issuances of $921.184.

Zcash and Monero, the privacy-centric coins took the fourth and eighth spot, respectively. Zcash notched just under $390,000 new issuances in the time frame, while Monero accounted for just over $110,000. The fees charged by the two coins were $50.05 and $131.95.

The bitcoin hardfork, bitcoin Cash fell below Zcash on the chart, with the coin’s new issuances only bringing over $270,000 million with fees standing at $59.54 over a 24-hour period.

Given the over $7 million security rate of bitcoin, hacking the network becomes all-the-more difficult. Leaving aside the substantial cost of the attack itself, the investment in electricity to circumvent the mining process would cost a significant amount too. Hence, hackers are deterred from breaking the top virtual currency’s network.

bitcoin might be ranking above Ethereum in terms of new issuances. However, a recent CoinMarketCap metric, the Fundamental Crypto Asset Score or FCAS, put the Ethereum network ahead with a score of 909 compared to bitcoin’s 885.

The post Bitcoin [BTC] and Ethereum [ETH] spend millions to secure network against 51 percent attacks appeared first on AMBCrypto.

Published at Wed, 27 Mar 2019 07:16:25 +0000