New research from Coin Metrics found that 51% and 34% attacks on Bitcoin and Ethereum are no longer possible from nation-state attackers if their goal was to destroy the blockchains.
It is no longer viable for nation-states to destroy the Bitcoin and Ethereum network via 51% attacks due to the astronomical costs required to do so, according to the latest research from crypto intelligence firm Coin Metrics.

A 51% attacks refer to a malicious actor owning more than 51% of the mining hash rate in a proof-of-work system (such as Bitcoin) or 51% of staked crypto in a proof-of-stake network (like Ethereum). Attackers could theoretically use this power to alter the blockchain like preventing new transactions from gaining confirmations, or reverse transactions to double spend tokens for example.

Attackers could theoretically use this power to alter the blockchain, such as preventing new transactions from gaining confirmations or double-spending tokens — destroying the network completely by eroding trust.

In a Feb. 15 report, Coin Metrics researchers Lucas Nuzzi, Kyle Water, and Matias Andrade argued that there are no longer viable ways for a nation-state attacker to continuously run an attack given the current cost of capital and operational expenses to achieve 51% control.
Using TCA, the report concluded that there are no profitable avenues by which to attack either the Bitcoin or Ethereum networks, nullifying the financial incentive for a nefarious attacker to do so.

“In none of the hypothesized attacks presented here [would the attacker] be able to profit by attacking Bitcoin or Ethereum,” read the report.

“Consider that even in the most profitable double spend scenario presented, where the attacker could potentially make $1B after spending $40B, that would account for a 2.5% rate of return.”

Source - Coin telegraph
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