Privacy-focused cryptocurrency Monero (XMR) is preparing for an unprecedented network stress test as rival blockchain Qubic announces plans to control over 51% of its mining hashrate from August 2-31. Qubic founder Sergey Ivancheglo (CFB) claims this demonstration will showcase their Useful Proof of Work (uPoW) technology rather than harm Monero, though the move could enable double-spending or transaction censorship during the test period.
Qubic’s system currently commands 26.96% of Monero’s 6.12 GH/s hashrate through its “AI miners” that simultaneously secure both networks. The project converts mined XMR to USDT to buy and burn QUBIC tokens, creating a deflationary economic model. Monero advocates accuse Qubic of hashpower “spoofing” and warn a successful attack could erode trust in the privacy coin, potentially driving users to alternatives like Zcash.
The Monero community is divided on responses, with some urging migration to decentralized pools like P2Pool while others consider protocol changes. Neutral observers view this as a critical stress test for both projects – potentially validating Qubic’s uPoW if executed cleanly, or demonstrating Monero’s resilience if the network withstands the challenge. Exchanges have been advised to increase XMR confirmation requirements during the test period as a precautionary measure.
