Recent findings by the crypto intelligence powerhouse, Coin Metrics, have put to bed the fears of possible 51% attacks on the networks of Bitcoin (BTC) and Ethereum (ETH). A 51% attack, for the uninitiated, is the nightmare scenario where an entity gains majority control of a cryptocurrency’s network, threatening its integrity. However, the study presents a new metric, the “Total Cost to Attack” (TCA), which paints a reassuring picture of the security of these blockchain giants.

For Bitcoin, the study estimates that an attack would require a colossal acquisition of about 7 million ASIC mining rigs, tallying to a staggering $20 billion investment—a figure that doesn’t even account for the scarcity of these rigs. The study goes on to explain that even if manufacturing these rigs were an option, the cost would far exceed the initial estimate. The conclusion is clear: any attack on Bitcoin wouldn’t just be impractical, it would be economically absurd.

With Ethereum’s shift towards a proof-of-stake mechanism, the analysis shifts to the potential of a 34% attack through Liquid Staking Derivatives (LSDs). Yet, this approach is met with similar financial and logistical hurdles. The estimated cost of such a venture would surpass $34 billion and would require at least six months to execute due to Ethereum’s churn limit, which prevents rapid stake changes. The additional burden of operating over 200 nodes and the associated costs—like a hefty $1 million AWS bill—further solidifies Ethereum’s defenses against such attacks.

Industry experts, including Nic Carter from Castle Island Ventures, have lauded the report for its rigorous and data-centric analysis. Such empirical work is a refreshing change from the speculative nature of previous studies and marks a significant stride in understanding how Bitcoin and Ethereum stand resilient against the looming shadow of nation-state adversaries.