Qubic Targets Dogecoin for Mining After Monero Network Control
By: Eva Baxter
The controversial AI-focused crypto project Qubic is making headlines once again as it announces its potential pivot towards Dogecoin (DOGE) mining. This announcement follows after the group reportedly gained a brief majority control over the Monero network, causing interruptions that led major exchanges like Kraken to pause Monero-related transactions. Qubic has vowed to implement similar strategies on Dogecoin, which currently stands as the largest meme-based cryptocurrency in the market.
On August 17, the founder of Qubic Network, Sergey Ivancheglo, shared insights into a community vote that determined Dogecoin as the next target for the project. The decision trounced other contenders like Kaspa and Zcash, securing around 301 votes, clearly outstripping alternatives. The Qubic community's focus on Dogecoin is motivated by the cryptocurrency's impressive profitability metrics, with potential daily mining earnings estimated between $2.3 million and $2.8 million. This positons Qubic for potentially higher gains than during its Monero operations, where it claimed control of an overwhelming portion of the network's hashrate.
Dogecoin, which started as a meme in 2013, has since risen to become a significant player in the cryptocurrency domain. Its fame skyrocketed further after being publicly endorsed by tech magnate Elon Musk, leading to mammoth spikes in both value and market cap. Currently, the coin ranks as a Top-10 crypto asset, boasting a market capitalization exceeding $33 billion. However, the journey into Dogecoin mining is far from simple, given the stiff competition characterized by major players like BIT Mining generating substantial incomes. Furthermore, its security benefits from a merged-mining setup with Litecoin, potentially making any hostile takeover incredibly costly.
Qubic's targeting of mainstream cryptocurrencies is not just for controlling networks, though. At the core of their mission is an innovative model that repurposes the massive energy used in proof-of-work computations to fuel advancements in artificial intelligence. Sergey Ivancheglo's vision sees the abundant electricity typically expended on traditional mining being redirected towards 'useful proof-of-work,' allowing computations to serve AI model training and drive forward projects towards achieving Artificial General Intelligence (AGI). Qubic's strategy showcases an intersection of blockchain and AI, aiming to turn otherwise wasteful operations into groundbreaking technological advancement.
