On 10th of January, the crypto market experienced an intense fall as the price of Bitcoin dropped by 11% and fell below $3800 again. Most cryptocurrencies witnessed a price drop between the range of 11%-20%. Ether lost its second position to Ripple. Ripple is now the second largest cryptocurrency by market capitalization. Ethereum Classic’s 51% attack reminded people of the risks of blockchain security. The attacker decided to return some of the funds after stealing around $1.1 million worth of ETC. The price of ETC dropped by 21% due to the attack.
In a bear market, miners are mining at loss and forced to turn off their mining equipment as they can no longer pay for electricity. Instead, miners rent their computing power which increases the odds of 51% attacks on smaller coins. The larger and more decentralized the network, the more difficult and expensive to have enough computing power to execute 51% attack. There is a company called NiceHash which lets people to rent computing power to different blockchains without having to purchase mining equipment. NiceHash also provides a tool that shows how much it would cost to rent enough computing power to perform an 51% attack per hour on different blockchains using their service.