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Qubic claims to control 51% of Monero’s hashrate.
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Raises fears of a 51% attack and chain reorganizations.
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Some experts question the accuracy of the claim.
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XMR price dropped over 8% on the news.
Qubic’s Claim and Community Reaction
Qubic founder Sergey Ivancheglo says the project’s mining pool now controls over half of Monero’s hashrate, potentially giving it the ability to reorganize the blockchain and censor transactions.
The claim follows months of Qubic increasing its share of Monero mining, using a “useful proof-of-work” model that converts mined XMR to stablecoins to support its own token.
Doubts About the Numbers
Some industry voices, including SlowMist founder Yu Xian, doubt the profitability and accuracy of Qubic’s claims. Others, like SeraiDEX developer Luke Parker, say the pool may have only 51% of estimated mined blocks, not total hashrate.
Market and Security Concerns
A confirmed majority hashrate could threaten Monero’s network security. The uncertainty has already impacted the market, with XMR falling to around $248 and its market cap dropping to $4.6 billion.
