Monero is facing a controversial, economically powered hashrate takeover attempt by Qubic, a mining pool and crypto network led by Iota co-founder Sergey Ivancheglo.
Privacy-focused Monero is facing what appears to be an attempted network takeover by former top mining pool Qubic, prompting community backlash and concerns over hashrate centralization.
As of Monday, Qubic had fallen from the top spot on the Monero (XMR) mining pool rankings to seventh, according to MiningPoolStats data. After the community noticed the pool looked to be openly performing a network takeover, the pool’s hashrate plummeted until it fell into its current position as the seventh-largest XMR mining pool.
In a June 30 blog post, Qubic revealed that it had begun incentivizing Monero CPU mining via its own network. The mined XMR would then be used to fund buybacks and token burns for the Qubic ecosystem. “QUBIC miners now perform real-world tasks (Monero mining) that generate real market value, which in turn strengthens the QUBIC economy,” the post stated.
