Monero is currently experiencing what seems to be a network takeover attempt led by the former top mining pool, Qubic. The pool has dropped from the top mining position to seventh place, indicating a significant community backlash against perceived hashrate centralization. Earlier, Qubic announced a strategy to stimulate Monero CPU mining, claiming that mined XMR would support their ecosystem through buybacks and token burns. Sergey Ivancheglo, the founder of Qubic, has openly admitted to the takeover intentions, suggesting that once they control the network hashrate, they would reject blocks mined by other pools, risking profitability for competitors. Despite their declining hashrate, the threat of a successful takeover persists, particularly if they limit visibility on their hashrate, making it harder to gauge their control. Analysts caution that with 51% control, Qubic could halt transactions or alter protocol protocols, raising concerns that even without malicious intent, hashrate centralization itself jeopardizes network integrity.

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