What is a 51% Attack?

A 51% attack is an attack on a blockchain in which an attacker can control more than 50% of the network's mining hash rate or computing power. This allows the attacker to have most of the network's mining power, allowing them to double-spend coins, prevent new transactions from being confirmed, and halt the entire network. The attack occurs when the attacker can control over half of the blockchain's mining power. With this majority, the attacker can choose which transactions to…