- Monero experienced a loss of over $300 million in market capitalization after a mining takeover by the Qubic project.
- Qubic used its mining resources to control Monero’s proof-of-work network, sparking concerns of a “51% attack.”
- The Qubic team claimed their action was a demonstration of mining power, not a malicious attack.
- While Monero’s value dropped 7% in 24 hours, Qubic’s token value increased by 15%.
- Debate continues among crypto observers on whether a full “51% attack” actually occurred.
Monero, the top privacy-focused cryptocurrency, saw its market value drop by over $300 million today after a mining demonstration by smaller token project Qubic temporarily dominated its network. The event led to a 7% fall in Monero’s price over the last 24 hours and prompted widespread concerns about the stability of the network.
According to reports, Qubic’s team had planned and announced the demonstration in advance. The group’s efforts redirected a significant portion of Monero’s mining power—known as hashrate—which surprised many within the privacy coin community. Over the last two weeks, Monero lost 20% of its value while overall crypto prices increased by 2%. In the past month, Monero also lost around 25% of its total market cap.
In statements provided to Protos via Telegram, Qubic administrators denied that the event was a “51% attack,” a situation where one group has enough mining power to control or disrupt a blockchain network. Instead, they described it as a “takeover and demonstration” that showed off their outsourcing capabilities. The team added that their miners provided the computing power, and the demonstration involved mining Monero only about half the time.
The Qubic project stated in a blog post that their goal was to “dominate the Monero network” temporarily and successfully reorganized the blockchain. They explained that no computing power was rented; instead, it was supplied by their mining participants. The Qubic token rallied 15% in the last 24 hours and nearly doubled in value over the past month.
Despite Qubic’s assurances, skepticism remains. The founder of SlowMist claimed on social media that a true “51% takeover” did occur, while Bitmex Research disagreed. Qubic responded by promising further evidence of their network dominance, saying they aimed to maintain more than 51% control for 100 blocks—about three hours—to clear up doubts.
A “51% attack” occurs when a miner or group controls more than half of a cryptocurrency’s network power, potentially allowing them to manipulate transactions and reorganize the blockchain. While Qubic insists their intent was a demonstration, debate continues among blockchain experts on the event’s full impact.
Additional discussions in Qubic’s Telegram community focused on the rising value of the project’s token, even as uncertainty surrounds the long-term effects on Monero’s security and credibility. The event highlights ongoing security risks and competitive pressures facing major cryptocurrencies.
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