Qubic Mining Pool controls over 52% of Monero's network hash rate, allowing majority power over the blockchain.

Qubic Mining Pool controls over 52% of Monero's network hash rate, allowing majority power over the blockchain.

Title: Qubic Mining Pool Secures Over 52% of Monero's Network Hash Rate

A significant development has occurred in the cryptocurrency world as the Qubic mining pool has reportedly secured over 52% of Monero's network hash rate. This control over the network has sparked concerns and debate among industry experts and the broader cryptocurrency community.

According to reports, Qubic, a project led by former IOTA co-founder Sergey Ivancheglo, has managed to amass a substantial amount of hashing power, potentially giving it the ability to reorganize blocks, censor transactions, and attempt double-spends on the privacy-focused Monero blockchain [1].

The project's "useful proof-of-work" model has been instrumental in this achievement. This model converts Monero mining rewards into USDT to buy and burn QUBIC tokens, a deflationary mechanism that serves as a liquidity sink for its own ecosystem. From mid-May to late July, Qubic's share of the network jumped from under 2% to over 25%, at times topping pool rankings [1].

The implications of Qubic's dominance are substantial. A 51% attack occurs when a single entity or coordinated group controls a majority of a proof-of-work network's hashrate, as seen in the past with Ethereum Classic and Bitcoin Gold. Such control can lead to network instability and significant financial losses [1].

The Ledger CTO, Charles Guillemet, warned on X that Monero "appears to be in the midst of a successful 51% attack," citing signs of a major chain reorganization. Other industry experts, such as SlowMist founder Yu Xian, have expressed doubts about Qubic's economic model [1].

The price of Monero's XMR token has responded negatively to the news, dropping by 6.65% in the past 24 hours and 16% over the past week. This decline underscores the market's concern over the potential implications of Qubic's control over the network [1].

Qubic's strategy revolved around an incentive-driven "pay-to-switch" mining campaign, offering significantly higher payouts than regular Monero mining pools to attract miners. This led to a substantial increase in Qubic's hashrate, contributing to a 28% drop in XMR's price while QUBIC tokens surged by 57% [2].

The impact of Qubic's attack on Monero's price has been significant. If the project mines 100% of Monero's daily blocks, it yields around 432 XMR, worth approximately $118,000 at current prices, with $59,000 burned daily [2].

While Ivancheglo framed the move as a stress test to help the Monero community prepare for future network threats, the announcement has triggered sharp debate among developers and security experts. The true intentions behind Qubic's actions remain a subject of speculation and scrutiny.

References
[1] https://www.coindesk.com/business/2025/08/12/qubic-claims-majority-control-of-monero-hashrate-raising-51-attack-fears
[2] https://cryptoslate.com/monero-hit-by-critical-51-attack-as-qubic-gains-control-of-network/