The Monero blockchain is facing a potential crisis after reports surfaced that one group has amassed a controlling share of its computing power.
On August 12, prominent developer Sergey Ivancheglo, also known in the crypto space as “Come-from-Beyond” (CFB), claimed that Qubic had captured over half of Monero’s total hash rate.
Ledger’s Chief Technology Officer, Charles Guillemet, later echoed these concerns, saying Qubic’s dominance leaves other miners with little reason to participate. With control at this scale, the group could theoretically block competing blocks, rewrite parts of the chain, or even carry out double-spending attacks.
Guillemet estimated the daily operational cost to be in the region of $75 million, though he noted that the effort might still turn a profit in the short term. He also pointed out the unusual imbalance: a project worth about $300 million allegedly overtaking a network valued near $6 billion.
CFB, however, rejected the idea that Qubic’s actions were purely hostile. Instead, he claimed the maneuver was intended to help Monero prepare for similar threats in the future, calling it a proactive measure rather than an attack.
Aggressive Incentives Behind Qubic’s Rise
According to analytics from Chaos Labs, Qubic’s rapid growth came from an aggressive “pay-to-switch” campaign that promised significantly higher mining rewards than traditional Monero pools. While standard pools offered around $0.64 in daily earnings, Qubic miners could receive over $3, drawing enough participants to push Monero’s hash rate to 3.01 GH/s.
This shift coincided with notable price movements: XMR fell 28% in the past month, while Qubic’s own token climbed 57%. Qubic’s model splits its mining profits equally between rewarding participants and buying back and burning QUBIC tokens. If the group mines all of Monero’s daily blocks, it could collect about 432 XMR (roughly $118,000), burning around half that value each day.
Monero’s design makes exact ownership of mining power hard to verify through public dashboards, which often fail to show “stealth” hashing activity. Even so, CFB insists that Qubic has indeed surpassed the 51% mark, adding another layer of uncertainty to the debate over the network’s security.
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