Qubic Claims Majority Control Over Monero Mining

Qubic claims to control over 51% of Monero’s hashrate, sparking fears of a 51% attack and triggering debate within the crypto community.

Monero Network Faces 51% Attack Concerns

Qubic, a project led by former IOTA co-founder Sergey Ivancheglo, says it now controls more than 51% of Monero’s global hashrate. Such control could, in theory, allow the reorganization of blocks, transaction censorship, and double-spend attempts.

Ivancheglo described the move as a stress test to prepare the network for future threats. However, developers and security experts have raised concerns. A 51% attack occurs when a single entity or group controls the majority of a proof-of-work network’s computing power. Similar attacks have previously hit Ethereum Classic and Bitcoin Gold.

Qubic’s Share of Monero Hashrate Grows Rapidly

Monero uses the CPU-friendly RandomX algorithm and has long resisted centralization. Qubic’s “useful proof-of-work” model converts XMR into USDT, then buys and burns QUBIC tokens, creating a deflationary effect.

From May to July, Qubic’s share of the network rose from under 2% to over 25%, at times topping pool rankings. Ledger CTO Charles Guillemet warned of signs of a major chain reorganization, which could indicate an active attack. XMR’s price dropped 6.65% in 24 hours and 16% over the past week.