Qubic's Plan to Control 51% of Monero Hashrate Raises Security Concerns and Could Disrupt Network Transactions

According to Jinse Finance, the blockchain project Qubic, led by IOTA co-founder Sergey Ivancheglo (CFB), has leveraged a "Useful Proof of Work" (uPoW) mining approach to control over 20% of Monero's hashrate. Qubic plans to strive for more than 51% hashrate dominance between August 2 and 31 to showcase its technical capabilities. By incentivizing miners to participate in Monero CPU mining, Qubic has rapidly amassed significant computing power. The Monero coins mined are then exchanged for stablecoins to support the buyback and burning of its own tokens, creating an economic incentive mechanism. This move has sparked serious concerns within the Monero community regarding the network's decentralization and security. If Qubic gains control of more than half the hashrate, it could reject valid blocks from other mining pools, resulting in orphaned blocks and transaction delays, which would severely disrupt normal network operations. Qubic also plans to stop publishing hashrate data starting August 2, aiming to raise public awareness about the risks of a 51% attack. Analysts point out that while Monero spends about $130,000 daily to secure its network, it may only take an investment of $7,000 to $10,000 per day to gain control of most of the hashrate, exposing a potential weakness in the incentive mechanisms of Proof of Work (PoW) networks. This incident is not only a crisis for Monero but also serves as a warning to all PoW blockchains.