Monero Price Crashes 17% as Qubic Mining Pool Launches a 51% Attack
- The Qubic mining pool has launched a 51% attack on the Monero network, gaining control over most of its hashrate.
- This attack allows Qubic to rewrite blockchain history, execute double-spend attacks, and censor transactions.
- However, sustaining the attack is estimated to cost $75 million per day.
In a startling development, the Qubic mining pool has successfully executed a 51% attack on the privacy-focused blockchain Monero (XMR). With this, it has gained control of the majority of Monero’s network hashrate.
The Mechanics of the 51% Attack
For context, a 51% attack occurs when a mining pool or entity gains control of more than half of a blockchain’s hashing power. This dominance allows them to reorder blocks, reverse transactions, and even double-spend coins.
In Monero’s case, which relies on the RandomX proof-of-work (PoW) algorithm designed for CPU mining, Qubic’s strategy of accumulating hashrate has now given it significant leverage over the network.
According to Charles Guillemet, CTO at Ledger, a major chain reorganization has already been detected, signaling the success of Qubic’s effort. With the current dominance over Monero’s block …
The post Monero Price Crashes 17% as Qubic Mining Pool Launches a 51% Attack appeared first on Coin Edition.
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Monero Price Crashes 17% as Qubic Mining Pool Launches a 51% Attack
- The Qubic mining pool has launched a 51% attack on the Monero network, gaining control over most of its hashrate.
- This attack allows Qubic to rewrite blockchain history, execute double-spend attacks, and censor transactions.
- However, sustaining the attack is estimated to cost $75 million per day.
In a startling development, the Qubic mining pool has successfully executed a 51% attack on the privacy-focused blockchain Monero (XMR). With this, it has gained control of the majority of Monero’s network hashrate.
The Mechanics of the 51% Attack
For context, a 51% attack occurs when a mining pool or entity gains control of more than half of a blockchain’s hashing power. This dominance allows them to reorder blocks, reverse transactions, and even double-spend coins.
In Monero’s case, which relies on the RandomX proof-of-work (PoW) algorithm designed for CPU mining, Qubic’s strategy of accumulating hashrate has now given it significant leverage over the network.
According to Charles Guillemet, CTO at Ledger, a major chain reorganization has already been detected, signaling the success of Qubic’s effort. With the current dominance over Monero’s block …
The post Monero Price Crashes 17% as Qubic Mining Pool Launches a 51% Attack appeared first on Coin Edition.
Read More