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Qubic Gains Majority of Monero Hashrate, Initiates Block Reorganizations

After briefly controlling a majority of Monero’s network and triggering security concerns, Qubic’s mining group has chosen Dogecoin as its next target in community-voted stress tests.

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Fact Check
The statement is strongly supported by the evidence. Multiple sources (Cointelegraph, Coindesk, Halborn) corroborate that Qubic claimed to have gained majority hashrate dominance over the Monero network. The evidence also explicitly confirms that block reorganizations were initiated as a result, with CoinTelegraph specifying a 'six-block reorganization' and Halborn mentioning a 'reorganization of the Monero ledger'.
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Summary

Qubic’s mining group claimed it reached 51% control of Monero’s hashrate, reorganizing six blocks before shifting focus to Dogecoin as its next proof-of-work target. A public poll closed on August 17 selected Dogecoin over Zcash and Kaspa with more than 300 votes. The group says these are non-destructive “stress tests” to demonstrate its mining model, with pool profits used to buy and burn QUBIC tokens. The Monero incident prompted Kraken to pause deposits, and community debate continues over the extent of Qubic’s control. Observers note that while Dogecoin’s higher hashrate from merged mining with Litecoin makes a similar attack costlier, its $35B market cap means potential network disruptions could have large market impacts.

Terms & Concepts
  • Hashrate: A measure of computational power used per second in cryptocurrency mining, indicating network security and mining capacity.
  • Block Reorganization: A process where the blockchain replaces part of its chain with an alternative branch, potentially invalidating previous transactions.
  • 51% Attack: An event where a single entity controls over half of a blockchain's mining power, enabling potential double-spends, censorship, or chain reorganization.