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🚫 The Qubic mining pool took control of > 51% of Monero hashrate - details
➥ Main theses from the report:
❗️With the control of more than 51% of Monero’s hashrate - Qubic was able to rewrite part of Monero’s history. 6 blocks were replaced, and 60 were declared invalid.
▪ In separate hours, Qubic mined up to 80% of Monero blocks.
▪ During the experiment, 5,506 blocks were mined in Qubic, receiving 750 XMR and 7,000,000 XTM - about $240,000.
▪ Qubic’s power peak reached 2.71 GH/s - this is 52% of Monero’s hashrate.
▪ Thanks to bonuses and the increase in the price of the QUBIC token, miners working through Qubic earned almost 4 times more than if they mined Monero directly.
▪ The experiment is an «economic demonstration» of the possibilities of Useful Proof of Work.
➥ Risks for Monero, with > 50% hashrate Qubic can:
▪ Rewrite the blockchain (chain reorganization).
▪ Do double spend.
▪ Censor transactions (do not include them in blocks).
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