Qubic crypto is leading the market rally after its mining pool achieved 51% dominance in Monero.
Summary
- Qubic led the altcoin rally after reports that it achieved 51% control of Monero
- That level of dominance would allow it to rewrite the blockchain
- The pool did not abuse its apparent control over Monero
Qubic (QUBIC) crypto is leading the latest altcoin rally, after this mining pool shook the Monero (XMR) community. On Wednesday, August 13, Qubic rose 25% to a daily high of $0.000003121, before stabilizing at $0.000003006.
The main driver for its rise appears to be reports that this mining pool achieved 51% control of Monero’s hashrate. Several crypto industry insiders, including SlowMist founder Yu Xian and Ledger CTO Charles Guillemet, confirmed the “51% attack,” drawing attention to its dangers to Monero.
Theoretically, any entity controlling more than 51% of the hashrate can reverse transactions, double-spend, and overwrite the chain. However, Qubic’s dominance was short-lived, and the network did not perform any malicious operations. By some estimates, sustaining that level of dominance would have cost $75 million per day.
What Monero dominance means for Qubic
Qubic founder Sergey Ivancheglo explained that the goal of the operation was to make Monero more resilient to similar attacks. Still, another effect was to draw attention to the Qubic crypto token.
Qubic managed to attain this level of dominance by offering generous rewards to Monero miners. It achieved this by its “useful proof-of-work” model, which converts mining rewards into USDT to buy and burn Qubic tokens.
On the other hand, the 51% incident did erode some trust in the privacy-focused Monero. This is especially true as many governments around the world view it as a tool for illicit activity. Still, the Monero community remained resilient, and the token stabilized at $256 following the attack.
