BREAKING BFT: QUANTIFYING THE COST TO ATTACK BITCOIN AND ETHEREUM

Summary from the TLDR Crypto newsletter

Researchers used the Total Cost to Attack model to assess the feasibility of 51% attacks on Bitcoin and 34% attacks on Ethereum. This model incorporates the operational and capital expenditures required for such attacks, considering both profit-driven and ideologically motivated attackers. They found that the security mechanisms in place make these attacks economically impractical, providing evidence of Nash Equilibrium in the networks. The research questions the assumption that network security linearly correlates with fee revenue, suggesting that miner speculation on fee cycles actually enhances security.