- Qubic controls most of Monero’s hashrate.
- 51% attack allows chain rewrites and transaction censorship.
- Experts estimate $75M daily to sustain attack.
Monero’s blockchain is under serious threat after the Qubic mining pool allegedly achieved majority control of its hashrate, sparking what appears to be a successful 51% attack. According to SlowMist founder reports, this unprecedented move has already resulted in a major chain reorganization, allowing Qubic to alter blockchain history at will.
When a mining pool gains over half of a network’s computational power, it can manipulate transactions, reverse transfers, and even block new ones from being confirmed. This undermines the network’s core promise of decentralization and trustless operation.
Potential Damage from a 51% Attack
With its current dominance, Qubic has the ability to execute double-spend attacks—where the same funds are spent twice—effectively defrauding exchanges and merchants. It can also selectively censor transactions, freezing certain addresses out of the network entirely.
This attack strikes at the heart of Monero’s privacy-focused ecosystem, which is built on the idea of immutable, anonymous transactions. A prolonged 51% attack could not only cause financial damage but also harm user confidence and adoption.
The Cost of Maintaining Control
Ledger CTO has estimated that sustaining such an attack could cost around $75 million per day. While this figure reflects the immense resources required, the potential profit from manipulating transactions on a major cryptocurrency like Monero could still be a strong incentive for the attackers.
Security experts warn that if the network cannot quickly redistribute its hashrate among more honest participants, Monero may face long-term damage to its reputation and stability.
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