Dogecoin News Today: Qubic Network Aims for Dogecoin After Monero 51% Attack

Qubic Network has revealed that its community has voted to target Dogecoin (DOGE) following a 51% attack on the Monero (XMR) blockchain. The decision, made through a public poll hosted by founder Sergey Ivencheglo—also known as "Come-from-Beyond"—showed Dogecoin receiving 301 votes, far ahead of Kaspa (31 votes) and ZCash (12 votes). The poll was posted on X, with the results confirming the community's choice [1].

The move follows Qubic’s successful takeover of Monero, which the project described as a “proof of concept” to demonstrate the potential of its “Useful Proof of Work” (UPow) model. According to Qubic, the attack allowed them to redirect mining power toward profitable computational tasks—specifically AI training—rather than traditional hashing. The team claimed that by splitting resources between mining Monero and training its AI model, AIGarth, they achieved a profit up to three times greater than standard mining operations [1].

Qubic’s control over Monero’s hashrate led to a reorganization of six blocks, according to MiningPoolStats, and prompted Kraken to temporarily halt Monero deposits citing potential network integrity risks. Despite the disruption, the team emphasized that Monero’s privacy, speed, and usability remained unaffected. They also stated that they have opted not to fully take over Monero’s consensus at this stage, citing concerns over potential negative impacts on the XMR token’s price [1].

The price of XMR rose more than 3% in the 24 hours following the attack, reaching $276.69 at 6:44 a.m. EST. However, the broader market reacted with caution. Dogecoin, the next potential target, has seen its price drop over 4% in the same period, with investors selling ahead of the perceived risk of a 51% attack. Currently, Dogecoin’s hashrate exceeds 2.68PH/s, significantly higher than Monero’s 2.71GH/s, according to MiningPoolStats [1].

Ivencheglo, when asked about the feasibility of attacking Dogecoin, responded casually, saying, “I’m pretty lazy, so I prefer taking the stairs two at a time,” suggesting confidence in the project’s ability to scale. The decision to pursue Dogecoin signals Qubic’s intent to continue challenging traditional PoW blockchains, despite the increased difficulty and market size of their next target [1].

Cybersecurity experts have raised concerns that if Qubic manages to control a majority of Dogecoin’s hashrate, it could potentially censor transactions or reorganize the blockchain. This underscores the vulnerability of PoW blockchains to coordinated mining attacks, especially when community-driven initiatives like Qubic leverage decentralized decision-making to execute such maneuvers [1].

Qubic’s broader strategy revolves around repurposing mining power for AI-related tasks, a model that, if successful, could redefine the role of computing power in the crypto space. The project has previously used mining revenue to repurchase and burn its own tokens, aligning economic incentives with its technological goals [1].

Analysts remain divided on the long-term viability of Qubic’s approach. While some argue that the Monero attack may have been more a matter of favorable timing than sustained dominance, others warn that the precedent set by Qubic could inspire similar tactics, particularly among smaller or less secure blockchains. The implications for Dogecoin—and the wider crypto ecosystem—are significant, as any major disruption in its network could lead to broader market instability [1].

The community-driven governance model employed by Qubic also raises questions about accountability and the ethical use of collective computing power. Unlike traditional mining operations, Qubic’s approach relies on decentralized voting to determine strategic actions, which, while innovative, could lead to unpredictable consequences if misused [1].

As Qubic moves forward with its plans to target Dogecoin, the crypto community will be closely watching to see if the project can replicate its success with Monero or face resistance from Dogecoin developers and miners. The outcome may have lasting implications for the future of PoW mining and the security of decentralized networks [1].

Source: [1] Odaily (https://www.odaily.news/en/post/5205766)