Holders of the world’s largest privateness coin misplaced over $300 million in market capitalization at the moment after a promotional stunt dominated Monero’s proof-of-work mining community.
Regardless of a broad rally in crypto asset costs at the moment, Monero (XMR) misplaced 7% of its worth over the past 24 hours over fears of a “51% attack” as small token undertaking Qubic tried a mining community takeover.
Though the beautiful hashrate displacement took many privateness advocates abruptly, the incident was deliberate and broadcasted prematurely.
Over the past two weeks, XMR has misplaced one-fifth of its worth regardless of a 2% improve in crypto costs. In the course of the previous month, the coin has shed one-quarter of its market capitalization.
Monero’s massive new miner speaks out
Protos reached out to Qubic directors for remark by way of Telegram. The crew was fast to disclaim that their well-publicized demonstration was any form of 51% assault.
“It was a takeover and demonstration” of the undertaking’s “outsourced computation capability,” an administrator clarified.
Furthermore, the demonstration has been underway and rising for practically a month as an effort to briefly “dominate the Monero network” which succeeded at the moment in “successfully reorganizing the blockchain.”
Protos requested whether or not a stakeholder in Qubic rented the equipment or electrical energy for the demonstration. “Hashpower wasn’t rented,” clarified the administrator, “it was provided by our miners.”
In addition they claimed that even throughout the demonstration, the undertaking’s miners had been mining XMR for under about half of the time.
Monero takeover: A strategic utility of sport concept
Total, Qubic claims that its “strategic, and at times combative, application of game theory” prevailed over the most important privateness coin’s mining community.
In a weblog put up, an administrator wrote that the undertaking’s objective is to straight present Monero protocol’s safety — a changeover from over a decade of different miners main this perform.
A token related to Qubic has rallied 15% over the past 24 hours and practically doubled over the past month.
Many posts within the official Telegram channel over the previous few days concentrate on the worth efficiency of the token.
Regardless of the undertaking’s official characterization of the occasion, BitMEX and different observers displayed skepticism. SlowMist’s founder claimed that the 51% takeover did happen, but BitMEX Analysis claims that it didn’t.
A prime crew member of the undertaking responded to BitMEX Analysis’s skepticism, promising to supply proof of the dominance fee and shortly following up with a weblog put up.
In response to BitMEX’s put up to X, an administrator informed Protos by way of Telegram, “We are still waiting on independent confirmation, and the scope now is to keep >51% for 100 blocks which is around three hours to clear up any doubt.”
