On the 23rd and 24th of January, the Bitcoin Gold (BTG) blockchain has suffered a set of 51% attacks and it is reported that more than 7,000 BTG was double spent as the chain suffered a loss of more than $70,000 in two days.
A 51% attack occurs when a single organization or entity takes control of the majority of a network's hash rate. Once its executed, the perpetrators have control over the transactions and can modify the ordering, prevent them from being confirmed, reverse them, or facilitate double-spending.
In this case, the blockchain suffered from two deep reorganisations on both the 23rd and the 24th, reorganisations that saw $19,000 double spent on Thursday and $53,000 double spent on Friday.
Fortunately, we can surely say that BetterHash users have not been affected by this attack.
Interestingly enough, BTG’s market price has not been affected either. It did not drop in value and on the contrary, BTG’s price has jumped since the 51% attack and is up over 9.6% for the week and 15% in the last 24 hours.
We suggest you turn on profit switching to see if you can benefit from this price surge. Happy mining!