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Monero and the power of mining pools – is the balance tipping?



 The mining pool MineXMR managed to collect over 51% of the hashrate on the network.

The community is concerned because this could potentially endanger the entire network.

However, there is currently no concrete danger, and the dominance of the mining pool has also been put into perspective again in the meantime.

An attack on the cryptocurrency Monero would at least be conceivable if an attacker has 51% of the computing power or hash rate in the network. And that's exactly what the mining pool MineXMR managed to do, at least temporarily. Accordingly , the alarm bells rang in the Monero community and calls were made via social media to switch to other pools with your miners if possible.


The call appears to have worked as MineXMR has since fallen to 38% and is still the dominant pool but no longer has the resources to manipulate. However, there was probably no specific danger even during the high concentration. Because the behavior of the pool can definitely be controlled.


Bitcoin Gold and Ethereum Classic have shown in the recent past that a so-called 51 percent attack is not a pipe dream. In both cases, attackers managed to use the concentrated computing power to create an alternative version of the blockchain and force it onto the network. In the end, this made it possible for them to spend cryptocurrency twice and enrich themselves. In the case of Ethereum Classic , the entire network was so weak that it was successfully attacked several times.


XMR course remains undisturbed

The reaction of the Monero community could not weigh the market down. XMR is trading at $180.10 at press time, still grappling with key resistance on the daily chart.


In this context, it should currently be more important in which direction the overall market is developing and not necessarily how the hash rate is distributed. Bitcoin last failed at $46,000 on Feb. 10 and Fed action is expected in March that may not yet be priced in. It should be all the more important in the coming weeks that BTC can maintain at least $40,000 if the upcoming events should have a negative impact on the market.


The articles published on our website reflect the personal opinion of the editors and their personal assessment of the market situation. They do not constitute investment advice or recommendations. All publications are for informational purposes only. They are not adapted to your individual situation and cannot and should not replace personal and qualified investment advice from consultants qualified for this purpose. Trading in cryptocurrencies always poses a risk. If you use the information provided here or follow advice, you act on your own responsibility .

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