The Qubic group prompted recent analysis from the research team at cryptocurrency exchange BitMEX, focusing on their growing influence over the Monero network.
Detection of Blockchain Reorganization
BitMEX Research reported a deliberate six-block reorganization, presumably caused by Qubic. Analysts noted that such a reorganization, consisting of several blocks, is relatively short given Monero’s target block time of 2 minutes. No evidence of double-spend attacks was recorded; likely, this was a case of selfish mining aimed at obtaining higher block rewards.
Qubic's Control and Its Impact
Data shows that Qubic initially controlled approximately 20% of the Monero network but has since expanded this share to over 30% through hashrate leasing. While Qubic hasn't reached a 51% majority, theoretically exceeding the 33% threshold could make selfish mining profitable, provided the coin's price remains stable. Qubic also claimed to control more than 51% of the Monero network; however, BitMEX is skeptical of these claims.
Safety Recommendations for Exchanges
Analysts emphasized that Qubic’s ultimate goal could be to capture all of Monero's block rewards. If achieved, this could lead to a significant drop in the value of Monero. Moreover, BitMEX recommended that exchanges accepting Monero increase the number of confirmations required for deposits to mitigate potential risks.
The BitMEX study focuses on the active influence of the Qubic group on Monero mining. Sanctions and safety recommendations for exchanges highlight analysts' concerns.
