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Bitcoin SV targeted by a 51% attack
Bitcoin SV targeted by a 51% attack
Blockchain

Bitcoin SV targeted by a 51% attack

By Marco Cavicchioli - 4 Aug 2021

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A 51% attack was carried out against Bitcoin SV (BSV) yesterday.

Bitcoin Satoshi’s Vision (BSV) is a fork of Bitcoin Cash (BCH), itself a fork of Bitcoin (BTC), but has nothing to do with either Bitcoin or BCH.

It was born in November 2018, but the project never really got off the ground.

In particular, its mining is not particularly decentralized, so that it is not that difficult to carry out a 51% attack.

To date, a 51% attack on Bitcoin would cost over $1.7 million per hour, according to Crypto51.app, and one on BCH would cost over $23,000 per hour, whereas one on BSV is much cheaper.

The attack that began yesterday generated up to three different versions of the BSV blockchain, and it appears that for over three hours, the attackers managed to take control of the chain.

It was “a deep reorg with a max depth of 14 blocks”, and conflicts are reportedly still ongoing between the main mining pools.

According to the Bitcoin Association, which supports BSV and not BTC, nodes would have to execute a specific command to invalidate the fraudulent chains:

However, the situation now seems to be back under control, and the price of BSV on the markets has not suffered a major fall.

The consequences of the 51% attack on the price of Bitcoin SV

In fact, the current value of around $135 is only 4% lower than it was yesterday, although compared to yesterday’s peak of $147 it is down 8%.

In cases such as these, if the attacks do indeed have serious consequences, there are usually real price collapses, whereas an 8% loss is hardly exceptional.

However, although the all-time high was reached in April this year at $490, the current BSV price is 41% lower than last year.

This is not due to yesterday’s attempted attack, but to the real collapse that took place in May, when the price dropped from $423 to $150 in less than twenty days, a loss of 64% in about two weeks. The price then fell again to the current $135.

Marco Cavicchioli
Marco Cavicchioli

Born in 1975, Marco has been the first to talk about Bitcoin on YouTube in Italy. He founded ilBitcoin.news and the Facebook group" Bitcoin Italia (open and without scam) ".

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