The Qubic mining pool, led by founder Sergey Ivancheglo, is attempting a strategic hashrate takeover of Monero’s network, triggering concerns about the cryptocurrency’s decentralization and security. Qubic’s approach involves incentivizing CPU miners to join its operations while rejecting blocks mined by competing pools, concentrating mining power under its control.
This aggressive strategy threatens Monero’s network integrity and could enable transaction censorship should Qubic exceed 51% hashrate dominance. The pool announced it will cease public reporting of its hashrate, obscuring its actual mining influence and complicating network transparency efforts. Such control could enable block rejections, forced protocol changes, and undermine core Proof-of-Work consensus mechanisms.
The Monero community warns potential consequences include delayed transaction confirmations, reduced mining profitability, and market manipulation vulnerabilities. Contrary to Qubic’s objectives, its controversial tactics have triggered backlash among miners, causing Qubic’s ranking to plummet from Monero’s largest mining pool to seventh position as participants distance themselves from the contentious strategy.