A 51 percent assault on a blockchain network occurs when a miner or a group of miners attempts to control more than 50% of the network’s hashing capacity, processing power, or hash rate. In this attack, the attacker may prevent fresh transactions from taking place or being confirmed. While in control of the network, they can also reverse transactions that have already been confirmed, resulting in a double-spending scenario.
A 51% attack on a blockchain refers to a miner or a group of miners trying to control more than 50% of a network’s mining power, computing power or hash rate. People in control of such mining power can block new transactions from taking place or being confirmed.
Attackers utilize 51% assaults to switch exchanges that have just occurred, in a blockchain, in what has come to be known as double spend. For example, one can spend 5 bitcoins to buy a car. When the car is delivered, logic directs that Bitcoins are to be moved to provide for the expense of the car and can activate the assault.