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Monero mining pool took 47.5% of all capacities, while investors point to a possible 51% attack

Monero mining pool took 47.5% of all capacities, while investors point to a possible 51% attack

The MineXMR mining pool has accumulated nearly half the mining capacity of the Monero coin. Investors worry it could lead to a 51% attack when a monopolist starts defining the operating rules of the entire blockchain. 

Why is it so important?

  • This could lead to drastic changes in the operating rules of the entire blockchain network. 
  • This can affect the value of the Monero digital coin

The concerns emerged in the Reddit social network, where users noticed an obvious bias in favor of one pool. They believe this concentration of power threatens the decentralization of the network and the reputation of Monero. Some investors have appealed to the pool to prevent an increase in capacity up to 50%. As a reply, a MineXMR pool representative said they would raise the commission for using the pool and keep a close eye on the situation. 

As a reminder, a 51% attack allows the blockchain network to be managed without breaking its rules. Most often, it is compared to the purchase of a controlling stake in companies.  

Monero (XMR)

It is a completely anonymous cryptocurrency. Thanks to the ring signature technology, it keeps each transaction private, hiding the amount of the transaction and the address of the recipient and the sender. It strives for real decentralization by migrating to an algorithm rendering mining with FPGA and ASIC (special powerful and expensive equipment for coin mining) ineffective. It is still possible to mine Monero on CPUs (computer processors) and GPUs (discrete graphics cards), which makes mining accessible to almost anyone who possesses a computer.

Capitalization: about $4 billion

Advantages: anonymous operations, mining available to everyone.

Disadvantages: unlimited issue.

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