The recent situation with Qubic Pool raises significant concerns about the security of the Monero network. Achieving a dominant hashrate, the pool poses threats related to potential blockchain manipulation.
Threat of Qubic's Dominant Hashrate
Qubic Pool, led by Sergey Ivancheglo, reached a hashrate of 2.6 GH/s, which raises concerns about blockchain rewrites and double-spending capabilities. Ivancheglo reported a DDoS attack that decreased the pool's hashrate to 0.8 GH/s. "Qubic pool hashrate peaked at 2.6 GH/s before Monero DDoS attacks knocked it down to 0.8 GH/s," said Sergey Ivancheglo.
Monero's Price Fluctuations Amid Security Concerns
In light of potential security threats, Monero's price has decreased by 9.08% over the last 24 hours, currently standing at approximately $249.17, with a market cap close to $4.60 billion. The price of Monero has seen a drop of 27.02% over the past 90 days.
Community Response to Qubic Pool's Threats
Community leaders are urging miners to join smaller pools like P2Pool to decentralize power and mitigate risks. Yu Xian, founder of SlowMist, emphasizes the importance of caution and advises platforms to be vigilant against potential threats.
The situation with Qubic Pool and its dominant hashrate raises questions about the security of the Monero network. The community's response to these challenges and further steps to strengthen decentralization will play a crucial role in addressing growing threats.
