Before the recent attack on the Monero network by the Qubic Mining Group, the community has begun to mobilize to strengthen its safety.
Vik Sharma, founder and CEO of Cake Investments, announced that a mining team is renting, adding 3 mh/s to the hashrate of the network. As he explained, “Monero is too important to abandon it” and stressed that “every hash makes an attack more difficult.”
«They turn on their machines. Each hash counts. Let us mine as if freedom depended on it, because it is, ”he said calling solidarity. He gesture De Sharma seeks to raise awareness about the delicate situation facing the network.
Qubic, led by Sergey Vivancheglo, co -founder of Iota, currently controls around 52.7% of Monero’s hashrate and has undermined more than 4,200 blocks, as reported in the report entitled The Monero Experiment. This domain allows you to reorganize the chain, censor transactions and execute double expense attacks.
As Cryptonotics reported, specialists such as Charles Guillemet, Ledger’s CTO, warned that maintaining this control could cost about 75 million dollars a day and that Qubic could become the only effective mining mining in the network, pushing others to abandon it.
The economic impact was already noticed: XMR has fallen more than 10% in the last week. At the time of writing this article, Monero (XMR) quote at $ 239according to data of tradingview.
For his part, Arthur Breitman, co -founder of Tazos, stressed that Monero faces additional challenges due to the lack of a formal governance process, which complicates to coordinate defensive changes or even the transition to a participation test algorithm (POS).
Given this situation, Breitman recommended renting temporary mining power to protect the network against attacks or bifurcations.
This kind of initiatives demonstrates how the community can act in solidarity to reinforce the security and decentralization of cryptocurrency networks. In this case, it is one of the last major projects that still retains the work test model (POW).
Monero is distinguished by his strong approach to privacy and continues to use work tests (POW). To do this, it uses the Randomx algorithm, specifically designed to be resistant to ASIC devices, which are specialized equipment that dominate the mining of many cryptocurrencies.
Thanks to this characteristic, Monero mining can be done with common CPUs, such as personal computers. This allows more people to participate in the validation of transactions and network safety.
