12.08.2025 20:40
Monero (XMR) experienced a significant price drop following a concerning event involving the Qubic mining pool. The pool briefly achieved a majority hashrate exceeding 51%, raising serious concerns about potential network manipulation. This dominance triggered a 10% decline in XMR's price, plummeting from $276.69 to $251.35. The swift price drop underscored the market's immediate reaction to the perceived threat.
While the Qubic mining pool's founder, Sergey Ivancheglo, vehemently denied any malicious intent, the incident sparked widespread alarm within the Monero community. Prominent figures like SlowMist founder Yu Xian and Ledger CTO Charles Guillemet voiced their apprehensions on social media, highlighting the potential for blockchain rewriting, transaction censorship, and double-spending – all consequences of a successful 51% attack. Their concerns emphasized the pool's gradual accumulation of hashrate over several months, fueled by attractive incentives offered to miners.
The alarming development unfolded on August 12, 2025, prompting intense scrutiny of Qubic's actions. Guillemet highlighted the unsustainable financial burden of maintaining such a dominant hashrate, estimating daily costs of approximately $75 million. This staggering figure underscored the potential for self-destruction, as the short-term gain of network control would be rapidly outweighed by the catastrophic loss of trust and the consequent devaluation of XMR. The incident serves as a stark reminder of the vulnerabilities inherent in cryptocurrency networks, particularly concerning those focused on privacy like Monero, which is already banned from many major exchanges.
Although Qubic's hashrate dominance proved short-lived, with the network swiftly recovering, the incident left a lasting impact. The rapid price drop and the public statements from influential figures in the cryptosphere highlight the inherent risks associated with centralized mining power within decentralized systems. The incident prompted a renewed discussion about the balance between decentralization and security within the Monero ecosystem and the broader cryptocurrency landscape.
