After suffering two major blockchain reorganizations over the past week, Ethereum Classic (ETC) has seen its hash rate plummet — exacerbating the risk of further 51% attacks targeting the network.
As a consequence of the ETC’s miner capitulation, the estimated cost of executing a 51% attack targeting Ethereum Classic using hash power rented from NiceHash has fallen from $12,000 per hour as of yesterday to less than $4,000, according to Crypto51.