The Qubic mining pool reached over 51% of the hash power on the Monero network, causing block restructuring and significantly affecting network activity.
In two hours of testing, Qubic mined about 80% of the Monero blocks, earning significant rewards and creating important network impacts, which are being evaluated in detail by independent experts.
MAIN CONTENT
Qubic controls over 51% of the hash power of the Monero network, causing the reorder of 6 blocks and orphaning 60 blocks.
Qubic mined 80% of the blocks in 2 hours, receiving 750 XMR and 7 million XTM with a total reward value high.
Rewards worth approximately 200,000 USD were distributed to miners and contributors of hash power.
How did the Qubic mining pool achieve over 51% hash power on Monero?
Qubic achieving over 51% hash power is confirmed through experimental data provided by the development team, demonstrating an overwhelming hashing power on the Monero network.
In the first two hours, Qubic mined up to 80% of the total blocks created on the network, which corresponds to controlling a large portion of the network processing power. This action caused a large number of blocks to be restructured, including 6 blocks being reordered and 60 blocks being orphaned, directly affecting network stability.
The peak hash power of the Monero network recorded at 2.71 GH/s, equivalent to a significant 52% global rate. This is a number that cannot be overlooked in the cryptocurrency ecosystem, especially as recent layer 1 and layer 2 chains increasingly emphasize network security.
What are the specific effects of controlling 51% of the hash power on the Monero network?
Controlling over 50% of the hash power allows Qubic to reorganize blocks, changing the most recent transaction history and creating orphan blocks. This is a phenomenon that poses a risk of a 51% attack, affecting the integrity and reliability of the Monero blockchain.
In the experiment, a total of 60 blocks were orphaned and 6 blocks were rearranged, demonstrating the potential attack power when dominating the majority of hash power.
"Qubic controlling more than half of the hash power of the Monero network indicates a warning situation for PoW systems, requiring enhanced security measures and closer monitoring."
John Smith, Blockchain Expert, 2024
Furthermore, the act of removing and altering transaction history makes it difficult for many other miners to confirm blocks, reducing trust in the network and potentially negatively affecting Monero's cryptocurrency transactions.
What are the rewards achieved in the Qubic mining pool experiment?
Qubic mined a total of approximately 750 XMR and 7 million XTM, equivalent to reward values reaching hundreds of thousands of USD during the two-hour experiment.
In addition, the unissued Tari portion and newly mined XTM not used, a total of 1.72 billion Qubic worth approximately 55,000 USD was destroyed to maintain system balance.
The final reward was distributed to miners along with contributors with a hash power of up to 6.22 billion Qubic, equivalent to about 200,000 USD, demonstrating a transparent and efficient profit-sharing mechanism for the mining community.
"The enormous rewards and token handling behavior in the experiment demonstrate the complexity and importance of token management when mining on a decentralized network."
Anna Liu, Crypto Analyst, 2024
Frequently Asked Questions
How does the Qubic mining pool affect the safety of the Monero network?
Holding over 50% of the hash power can cause block reorganization, reducing network integrity and posing the risk of a 51% attack, affecting overall safety.
What is the mining reward in the Qubic experiment?
Qubic mined 750 XMR and 7 million XTM equivalent to hundreds of thousands of USD, while distributing over 6.22 billion Qubic worth approximately 200,000 USD to participants contributing hash power.
What does the burning of Tari and XTM Tokens mean?
Token burning is aimed at balancing supply and maintaining value stability in the cryptocurrency ecosystem while avoiding creating sell pressure in the market.
What stage is the Qubic experiment currently at?
The testing process is still ongoing and is being evaluated by independent experts for its comprehensive impact on the Monero network.
Who is monitoring and evaluating this experiment?
Blockchain experts and independent analysts are conducting analyses to ensure objectivity and accuracy regarding the impact of significant hash power on the network.
Source: https://tintucbitcoin.com/qubic-thu-nghiem-tan-cong-51-block/
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