Monero community concerned as leading mining pool nears 51% of ecosystem’s total hash rate

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On Tuesday, privateness coin Monero (XMR) mining pool MineXMR’s hash price surpassed over 1.4 GH/s, accounting for 44% of the hash price of the XMR community. MineXMR has about 13,000 miners and prices a 1% pool payment. In response to a screenshot from Archive.org final August, the pool solely contributed to 34% of the hash price of the XMR community.

The speedy rise within the community’s hash price has spooked some XMR fans, with Reddit person u/vscmm writing:

“We have to speak with MineXMR to take some motion proper now! Please ship an electronic mail for assist@minexmr.com to MineXMR admins to take motion; a 51% pool just isn’t in one of the best curiosity of the neighborhood or the pool.”

If a 51% assault had been to happen, the unhealthy actors concerned might doubtlessly overturn community transactions to double-spend participants’ crypto. Nevertheless, on condition that Monero obfuscates the id of the sender and recipient by way of stealth addresses and ring signatures, hackers’ capabilities, on this case, could be much more restricted. Theoretically, they may solely use such assaults to mine empty blocks or double-spend their very own XMR by promoting it to an alternate after which publishing another ledger.

Reddit customers identified that MineXMR publicly discloses the placement of its company places of work, that are positioned in the UK. Conducting 51% associated denial of service and fraud assaults would seemingly carry legal penalties in stated nation. Even when a mining pool had been to build up over 51% of a community’s hash price, this is able to solely compromise a blockchain’s operations if the entity had ulterior motives for doing so.