Self-serving cryptocurrency miners are attacking small blockchain networks
In just the past two weeks, three cryptocurrency networks have been hijacked by miners trying to enrich themselves.
A wave of selfishness: Motherboard reports that Verge, Monacoin, and Bitcoin Gold have all recently fallen victim to the dreaded “51 percent attack,” a nightmare scenario in which a miner or mining group obtains a majority of the network’s power to approve new transactions. An estimated $20 million was lost as a result.
A useful reminder: Just because a cryptocurrency works like Bitcoin, which is enormously difficult to tamper with, doesn’t mean its blockchain is “secure.” Smaller, newer networks that haven’t been battle-tested—of which there has been a proliferation—are particularly risky, and self-interested miners are capitalizing. “We are now beginning to see miners act more strategically,” Cornell professor Emin Gün Sirer told Motherboard, whereas in the past they “lacked technical sophistication” and had fewer potential targets (see “How secure is a blockchain really?”).
Keep Reading
Most Popular
Large language models can do jaw-dropping things. But nobody knows exactly why.
And that's a problem. Figuring it out is one of the biggest scientific puzzles of our time and a crucial step towards controlling more powerful future models.
The problem with plug-in hybrids? Their drivers.
Plug-in hybrids are often sold as a transition to EVs, but new data from Europe shows we’re still underestimating the emissions they produce.
Google DeepMind’s new generative model makes Super Mario–like games from scratch
Genie learns how to control games by watching hours and hours of video. It could help train next-gen robots too.
How scientists traced a mysterious covid case back to six toilets
When wastewater surveillance turns into a hunt for a single infected individual, the ethics get tricky.
Stay connected
Get the latest updates from
MIT Technology Review
Discover special offers, top stories, upcoming events, and more.