Grin Network: an unknown mining group currently controls more than half of the hash power of the Grin blockchain .
According to a November 7 tweet from crypto mining group 2Miners, an unknown group accumulated 57.4% of the total hashing power of the Grin (GRIN) network on Saturday night. 2Miners had control of only 19.1% of GRIN’s hash power, while spark miners came in third with 18.9%.
Data from GrinScan show that the attackers managed to reorganize at least one forked block at 23:17 UTC on 7 November. The unknown mining group has also increased its control since Saturday, commanding 58.1% of GRIN’s hash rate at the time of publication. 2Miners rose to 24.6%, while spark miners fell to 11.3%.
When a group of miners controls more than half the mining power of a Grin network, it can affect the organization of the blocks, potentially causing volatility in the token price and disrupting confidence in the blockchain. However, a mining group with control of 51% or more of a network’s hash rate does not necessarily mean it has bad intentions – sparkpool has had up to 60% of the network’s hash power before, and reportedly did not interrupt the production of new GRIN blocks.
The GRIN token remains relatively unchanged in the news, dropping only 1.3% in a 24-hour period.
The Ethereum Classic (ETC) blockchain suffered at least three 51% attacks in August, with attackers causing the reorganization of thousands of blocks. Unlike blockchain ETC – which would cost attackers more than $ 7,000 / hour to control more than half of the blockchain’s hash power – maintaining 51% on the GRIN network costs just $ 75 at the time of publication, according to the resource online Crypto51.