According to a recent report by Coin Metrics, nation-states are no longer able to destroy Bitcoin and Ethereum networks through 51% attacks due to the exorbitant costs involved.
Previously, a 51% attack referred to a malicious actor owning the majority of the mining hashrate in a proof-of-work based system or 51% of the cryptos staked in a proof-of-stake based network.
This would give them the power to manipulate the blockchain, blocking new transactions or doubling token spending, ultimately undermining trust and destroying the network.
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However, recent research suggests that the high cost of capital and operational expenses make it infeasible for nation-states to carry out these attacks on an ongoing basis.