A 51% attack on a blockchain refers to a miner or a group of miners trying to control more than 50% of a network’s mining power, computing power or hash rate. People in control of such mining power can block new transactions from taking place or being confirmed.
5 Likes
Of course. Nice content. My view…
Bitcoin solves the Byzantine General Problem BGP so long as honest miners consist of at least 50% of the hashing power in the system.
If one miner controls more than 50% of the hash power, it can always produce a “longer” chain than all the other miners combined and therefore it can reverse its own past transaction and /or refuse to enter transactions from others.
This is called 51% attack
Note: it still can’t spend the bitcoin of others, but it can prevent them from being spent.
4 Likes