Monero (XMR), the leading privacy-focused cryptocurrency, is under growing pressure as it faces an unprecedented challenge to its decentralisation.
Qubic, a rival crypto project led by IOTA co-founder Sergey Ivancheglo, has openly announced a strategic attempt to seize control of the Monero network.
As the August 2 deadline looms for what Qubic describes as a demonstration of its AI-powered mining capabilities, both Monero’s technical integrity and its price performance are under intense scrutiny.
Qubic’s hashrate strategy raises alarm
Qubic’s strategy is rooted in economic incentives, not traditional exploits.
The project began offering rewards for CPU mining Monero through its own network, redirecting the earned XMR toward buybacks and token burns to strengthen the Qubic ecosystem.
While this approach may appear innovative, it has sparked significant backlash from the Monero community, which values decentralisation and anonymity above all else.
The community’s concerns are not unfounded. At one point, Qubic climbed to the top of Monero’s mining pool rankings, signalling a serious shift in hashrate control.
However, after the community caught wind of the potential threat, Qubic’s share dropped significantly, falling to the third-largest Monero pool at press time, according to data from MiningPoolStats.
Despite this drop, the threat remains real. As of now, Qubic controls 27% of the Monero hashrate, a level of influence that could pose a systemic risk if it continues to grow unchecked.
A possible 51% attack on the horizon
The biggest concern centres around a potential 51% attack, an event where a single entity controls the majority of a blockchain’s mining power.
In this case, Ivancheglo has confirmed that Qubic may begin rejecting blocks mined by other pools.
This move could lead to orphaned blocks, delayed confirmations, and, ultimately, disrupted transactions.
Analysts warn that such centralisation could severely damage Monero’s credibility.
Dan Dadybayo of Unstoppable Wallet noted that while Qubic claims to have no harmful intent, intent doesn’t eliminate risk.
Centralised control over mining power introduces the potential for censorship, manipulation, and even forced protocol changes, all of which would undermine Monero’s trustless architecture.
To make matters worse, Qubic plans to stop reporting its hashrate beginning on the Wednesday before the planned attack.
This opacity is likely to make it harder for network participants to assess ongoing risks, adding further uncertainty to an already tense situation.
Monero price is holding strong, but can it last?
Despite the mounting threats, Monero’s price has demonstrated remarkable resilience.
As of the latest market data, XMR is trading at around $325.06, marking a minor 1% drop over the past week.
This is still a substantial recovery from its earlier lows, with XMR up more than 100% over the past year.
Technical indicators suggest there is still bullish momentum. The Relative Strength Index (RSI) currently sits at 59.44, indicating that XMR is not yet overbought and still has room for upward movement.
Furthermore, recent volume spikes hint at renewed investor interest, while the $150–160 range appears to be a solid support zone based on past price behaviour.
This long-standing strength is consistent with Monero’s historical performance.
Since its inception, XMR has survived regulatory crackdowns, delistings, and shifting market sentiments.
The current situation, while serious, is not the first time Monero has faced existential challenges.
One of the more encouraging signs amid the controversy is the strength of the Monero community’s response.
Developers, miners, and users have actively voiced opposition to Qubic’s tactics, and the quick drop in Qubic’s hashrate ranking shows that community-led resistance can be effective.
However, uncertainty still lingers. As Qubic’s attack plan progresses, traders and network participants must remain vigilant.
Transparency around hashrate distribution is likely to decrease, and price volatility may increase as August 2 approaches.
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