Monero faces network takeover attempt by mining pool Qubic, sparking community backlash
PANews July 28 news, according to Cointelegraph, Monero is facing a suspected network takeover attempt initiated by the mining pool Qubic, which has aroused strong opposition from the community and concerns about the centralization of computing power. As of Monday, MiningPoolStats data showed that Qubic's ranking in the Monero mining pool fell from the top to the seventh. After the community discovered its takeover, the computing power dropped sharply. On June 30, Qubic's blog revealed that it incentivized Monero CPU mining through its own network, and the mined XMR was used for ecosystem repurchase and token destruction. Founder Sergey Ivancheglo publicly admitted that the Qubic network is taking over the Monero network and will reject other mining pool blocks after controlling most of the computing power. On Monday, Ivancheglo said that the Qubic mining pool will stop reporting computing power from next Wednesday, increasing the difficulty of assessing threats. He also said that he is looking for countermeasures to his own planned attacks.
Unstoppable Wallet analyst Dan Dadybayo explained that with 51% of the hashrate, Qubic can orphan blocks, reject transactions, delay confirmations, stifle competition, and force protocol changes. He noted that Ivancheglo has hinted that Monero users should expect orphaned blocks from August 2 and should only accept transactions after 13 confirmations. Dadybayo added that while Qubic claims to have no intention of harming Monero, "intent doesn't matter." He explained that centralization means risk, and potential censorship is destructive to the network, concluding that incentives have become a new attack vector.
You May Also Like
The Channel Factories We’ve Been Waiting For
PA Daily | Moonshot launches New XAI gork ($gork); analysis shows that Trump’s crypto assets account for about 40% of his total assets
