Monero Faces Controversial 51% Mining Attack Attempt
By: Isha Das
Monero is currently embroiled in a significant conflict as its community fights back against an economically driven attempt to seize control of the network's mining power. The attempt was orchestrated by Qubic, a mining pool and crypto network led by Sergey Ivancheglo, who is also known for his involvement in Iota. The plan, labeled as an 'economic campaign,' aimed to gain 51% of the network's hashrate by offering better payouts to attract miners. This level of hash control could allow Qubic to effect significant changes on the network, such as censoring transactions or delaying confirmations.
The Monero community has responded strongly to these efforts, primarily through rallying around the mining pool known as 'supportxmr.com' to reclaim influence over the network. As the threat of a 51% hashrate takeover loomed, discussions and warnings circulated on platforms like X and Reddit. Community members highlighted the risks of centralization and urged immediate collective action to prevent Qubic from reaching a threshold where it could dominate Monero's mining operations.
Despite the backlash, Qubic has maintained their position, stating that their intention was not malicious but to bring every miner within the Monero network under the Qubic's umbrella. They cited possible benefits such as reduced fees and increased miner revenue, besides promising integrations that could potentially enhance the Qubic ecosystem. However, the attempt was met with skepticism as some viewed it as a precursor to further centralize network control under a single pool.
The ongoing debate underscores the vulnerabilities inherent in proof-of-work cryptocurrencies like Monero, which can be subjected to attacks not only through raw computational power but also via economic incentives tailored to manipulate the distribution of hashing power. This serves as a potent reminder to many in the crypto community about the importance of decentralization and vigilant governance to protect the network's integrity.
