Monero Price Drops 10% as Qubic Pool Temporarily Controls 51% Hashrate

Monero (XMR) experienced a 10% price decline to $251.35 following reports that the Qubic mining pool had briefly gained control of over 51% of the network’s hashrate on August 12, 2025. This level of dominance theoretically allowed Qubic to manipulate the blockchain, including enabling transaction censorship, double-spending, or chain rewrites [1]. The event triggered immediate concern within the cryptocurrency community, with analysts highlighting the risks of centralization in a network that prides itself on privacy and decentralization.

Sergey Ivancheglo, Qubic’s founder, confirmed the pool’s majority control but denied any malicious intent, stating the move was intended to prevent potential hostile takeovers in the future [1]. However, cybersecurity experts like Yu Xian of SlowMist and Ledger CTO Charles Guillemet warned that such control could undermine the network’s security and long-term credibility [1]. Guillemet estimated the daily cost to maintain a 51% hashrate advantage at approximately $75 million, underscoring the financial burden and the potential for network instability if such dominance is sustained [1].

Despite the initial shock, the situation normalized quickly as other miners coordinated efforts to reduce Qubic’s share. Within a short timeframe, Qubic’s hashrate dropped below 14%, alleviating immediate concerns about network manipulation and restoring a degree of balance to the mining ecosystem [1]. The rapid response demonstrated the resilience of the Monero network and the ability of the mining community to act collectively in the face of potential threats.

The incident has sparked renewed debate about the decentralization of blockchain networks and the risks associated with mining pool centralization. Monero, a privacy-focused cryptocurrency launched in 2014, has long been a target for regulatory scrutiny and law enforcement efforts, and is not listed on most major centralized exchanges [1]. This event has further highlighted the vulnerabilities within even the most privacy-conscious blockchain projects when key infrastructure becomes concentrated in a single entity.

Source: [1]Monero Price Falls 10% After Qubic Pool Gains 51% Hashrate Control (https://cryptofrontnews.com/monero-price-falls-10-after-qubic-pool-gains-51-hashrate-control/)