Monero Is Facing A 51% Attack. The Situation Is Critical

The Monero community is reportedly outraged by the mining pool, which currently accounts for 46% of the network hash rate. Supporters are ur...

The Monero community is reportedly outraged by the mining pool, which currently accounts for 46% of the network hash rate. Supporters are urging mining participants to leave the Minexmr pool, believing that its activities threaten decentralization.

According to pool xmr wiki statistics, at the time of writing, Minexmr mining accounted for 45.784% of the network hash rate. Reddit users are outraged by what is happening and are calling on community members to boycott Minexmr.

“If you mine XMR and maintain this pool, you are also responsible for centralizing the Monero hash rate.”

In fact, on Reddit, they are talking about a 51% attack - a term that means that the attacker must have at his disposal more power than the rest of the network, a kind of "controlling stake" of generating capacities. In theory, this amount of computing power provides power over the entire network. A 51% attack can lead to serious problems such as double spending on the network and widespread reorganization of the blockchain.

What gives the possession of 51% of the network capacity?

With 51% power available, attackers:

  • prevent other miners (validators) from finding blocks (selfish mining);

  • double-spend coins to steal from service providers, exchanges, or exchangers (double spend);

  • fork the main blockchain, dividing the network into two competing chains;

  • do not allow transactions or blocks to be confirmed;

  • during the attack, they collect all block rewards and transaction fees.

At the time of writing, Minexmr has 1,480,520,000 hashes per second or 1,48052 gigahashes per second (GH/s) on the XMR network alone. In addition to these figures, today Nanopool has 21.82% of the world's XMR hash rate and Supportxmr has 14.85%.

Looking only at these 3 XMR mining pools, the total hash rate is 80.754% of the global XMR hash rate. All other top pools have significantly lower hash power specific to the Monero chain. An administrator from the Minexmr team stated that the organization saw the complaints and plans to increase the pool fee to address this issue.

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Rex Mars: Monero Is Facing A 51% Attack. The Situation Is Critical
Monero Is Facing A 51% Attack. The Situation Is Critical
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