Monero faces a network takeover attempt initiated by mining pool Qubic, sparking strong opposition from the community

According to Cointelegraph, Monero is facing a suspected network takeover attempt initiated by mining pool Qubic, which has sparked strong opposition from the community and concerns about centralization of computing power. As of Monday, MiningPoolStats data showed that Qubic's ranking in the Monero mining pool dropped from top to seventh, and its computing power plummeted after the community discovered its takeover behavior. On June 30th, Qubic Blog revealed that it incentivizes Monero CPU mining through its own network, and the XMR mined is used for ecosystem repurchases and token destruction. Founder Sergey Ivancheglo publicly admitted that the Qubic network is taking over the Monero network and will reject other mining pool blocks after controlling most of the computing power. On Monday, Ivancheglo announced that the Qubic mining pool will stop reporting computing power from next Wednesday, increasing the difficulty of assessing threats. He also stated that he is looking for countermeasures to deal with his own planned attacks. Unstoppable Wallet analyst Dan Dadybayo explained that with 51% of its computing power, Qubic can isolate blocks, reject transactions, delay confirmations, suppress competition, and force protocol changes. He pointed out that Ivancheglo has hinted that starting from August 2nd, Monero users should expect isolated blocks and should only accept transactions after 13 confirmations. Dadybayo added that although Qubic claims to have no intention of harming Monero, "the intention is not important. He explained that centralization implies risk, and potential censorship is destructive to the network, and concluded that incentive mechanisms have become a new means of attack.