Monero (XMR), a prominent privacy-centric cryptocurrency, is currently facing significant challenges, particularly concerning its security and network integrity. Reports are surfacing about the Qubic mining pool potentially executing a 51% attack, a scenario that raises serious concerns within the crypto community. Esteemed Bitcoin developer Peter Todd was among the first to spotlight these alarming developments, stating, \u201cFascinating. It appears Monero has encountered a substantial reorganization, possibly linked to this attack.\u201d When probed about Qubic’s claimed dominance, Todd noted the complexities in measuring real-time hash power, remarking, \u201cSuch metrics are inherently challenging to quantify. Proof of Work dynamics are probabilistic in nature.\u201d<\/p>\n
A viral message shared by an account known as Coffeinated User outlined the alleged strategy of the Qubic mining pool and its impact on Monero. The account exclaimed, \u201cQubic has reportedly attained a 51% share of Monero, marking an unprecedented achievement. They are poised to orchestrate a cryptocurrency manipulation through a 51% attack. Their goal is to render all other miners obsolete, monopolizing Monero\u2019s mining process.\u201d Furthermore, this assertion introduced a claim regarding revenue-sharing models and burn mechanisms around QUBIC tokens, emphasizing, \u201cTheir operation is three times more lucrative than mining Monero directly, distributing half of the profits to miners while using the other half for QUBIC token buybacks and burning.\u201d<\/p>\n
The calculations provided in the post were bold: \u201cIf they manage all Monero block mining, this translates to 432 Monero mined daily, equating to roughly $118,342.08 at current rates. After distributing half to miners, Qubic would end up with profits around $59,171.04, allowing for a staggering $1.656 million in QUBIC tokens to be burned monthly. These figures are extraordinary.\u201d The message further highlighted the market disparity, stating, \u201cQubic, with less than a $300 million market cap, will potentially dominate a larger $6 billion market cap asset.\u201d<\/p>\n
The XMR community reacted swiftly, with the account @monerobull describing the chain circumstances as extraordinary, encouraging users to mobilize and mine vigorously: \u201cMonero has just witnessed its deepest reorganization to date. Everyone should head over to gupax.io to start mining. A significant halving is approaching for qtip in 20 days, after which it may prove challenging to sustain this attack.\u201d<\/p>\n
Charles Guillemet, CTO at Ledger, commented on the situation, shedding light on the implications of this campaigning tide: \u201cCurrent observations indicate that Monero is undergoing a successful 51% attack.\u201d He framed this moment within Monero’s troubled past, including history with governmental scrutiny and exchange delistings: \u201cLaunched in 2014, this privacy-focused blockchain has faced pressure from regulatory agencies and is already banned from numerous major centralized exchanges.\u201d<\/p>\n
On the attackers\u2019 capabilities, Guillemet elaborated: \u201cAfter months of accumulation, the Qubic mining pool now commands most of the network\u2019s hashrate. This morning saw the detection of a significant chain reorganization. With their newfound control, Qubic can manipulate blockchain records, enabling double-spend scenarios and censure any transactions.\u201d<\/p>\n
Guillemet further noted the financial implications of sustaining such an attack, estimating costs around $75 million daily. He warned of the dire consequences for honest miners, stating, \u201cOther miners face diminishing incentives as Qubic holds the power to orphan any competing blocks, likely leading to their withdrawal from the network.\u201d He placed the implications in stark terms: \u201cEssentially, a $300 million market-cap project is attempting to seize control over a $6 billion counterpart. Monero\u2019s options for resurgence appear severely limited, putting the prospect of a complete takeover within reach.\u201d He also examined market reactions, observing, \u201cThus far, XMR has only dipped around 13%.\u201d<\/p>\n
Within the Qubic initiative, Sergey Ivancheglo, known as \u201cCome-from-Beyond,\u201d exuberantly confirmed their achievements while calling for verification: \u201cIt seems #Qubic has successfully reached 51% control over #Monero; we await independent validation. Meanwhile, the #Monero team is refining their defenses against these 51% attacks.\u201d<\/p>\n
In refuting earlier suspicions about their motives, he remarked, \u201cWe\u2019ve faced allegations of being backed by government agencies to undermine this privacy coin. What do you think now, considering we are helping Monero prepare for future confrontations with those agencies?\u201d<\/p>\n
Despite Todd’s highlighting of the probabilistic nature of Proof of Work, the simultaneous narratives from both critics and supporters create a vivid image of Monero navigating an ongoing majority-hashrate predicament, as its community swiftly endeavors to counteract the threats. This is a developing story as XMR sits at the trading price of $252.<\/p>\n
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Monero (XMR), a prominent privacy-centric cryptocurrency, is currently facing significant challenges, particularly concerning its security and network integrity. Reports are surfacing about the Qubic mining pool potentially executing a 51% attack, a scenario that raises serious concerns within the crypto community. Esteemed Bitcoin developer Peter Todd was among the first to spotlight these alarming developments, […]<\/p>\n","protected":false},"author":14,"featured_media":42780,"comment_status":"open","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"slim_seo":{"title":"Monero in Turmoil: Qubic's 51% Attack Shakes Crypto World - Bitrabo","description":"Monero (XMR), a prominent privacy-centric cryptocurrency, is currently facing significant challenges, particularly concerning its security and network integrity"},"footnotes":""},"categories":[316],"tags":[2728,504,15601,638,15044,2327,3288],"class_list":["post-42779","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news","tag-attack","tag-crypto","tag-hijacks","tag-monero","tag-qubic","tag-sends","tag-shock"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/posts\/42779","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/users\/14"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/comments?post=42779"}],"version-history":[{"count":0,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/posts\/42779\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/media\/42780"}],"wp:attachment":[{"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/media?parent=42779"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/categories?post=42779"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/tags?post=42779"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}