What is a 51% attack?

A 51% attack is a very difficult and challenging task on a cryptocurrency with a large participation rate. In most cases, the group of attackers would need to be able to control the necessary 51% and have created an alternate blockchain that can be inserted at the right time. Then, they would need to out-hash the main network.

What are the risks of a 51% attack?

But there is still a theoretical possibility if someone or a group manages to gain 51% control over those networks. The risks of a 51% attack increases for smaller cryptocurrencies that don’t have as many nodes, as it would be relatively easier to take over the network of a smaller network while still turning a profit.

How does a 51% attack affect other miners?

In addition to the negative impact that 51% attacks have on the network’s users, they can also affect other miners. By controlling the network’s computing power, 51% attackers can block mining by anyone other than themselves.