Qubic’s Plan to Control 51% of Monero’s Hashrate Triggers Strong Community Reaction

Key Points

1. Qubic aims to control 51% of Monero's hashrate from August 2 to August 31, using a unique Proof-of-Work (uPoW) algorithm.

2. The platform converts mined Monero (XMR) into USDT to buy back and burn QUBIC tokens, establishing a deflationary tokenomics model.

3. Qubic's hashrate grew from 2% to 27% in May but has since dropped to fourth place among Monero's top mining pools.

4. Analyst Dan Dadibayo warned that reaching 51% could allow Qubic to reject other blocks, posing a potential attack vector despite claims of no harmful intent.

5. Following the announcement, Monero's price dipped 1.1%, while QUBIC's price rose approximately 9.5%.