Bitcoin Gold suffers 51% attack again
In a tweet launched yesterday, the Bitcoin Gold staff shared that Bitcoin Gold suffered two deep reorgs on Thursday January 23. The first reverted ~1900 BTG, the second ~5267 BTG. The losses quantity to round $87,500 at present costs. According to the Bitcoin Gold staff, the attack was executed utilizing hash energy rented by NiceHash.
Why it issues:
This is Bitcoin Gold’s second 51% attack in its quick existence. The first occurred in May 2018, the place ~$18 million of the cryptocurrency was doubled spent.
The attack highlights a major flaw of optimizing a proof-of-work coin for ASIC-resistance. Such tasks open their attack floor considerably provided that GPUs and CPUs have use circumstances aside from cryptocurrency mining. This makes it unknowable how a lot idle hash energy is on the market.