Monero mining pool MineXMR now controls 44% of the privateness coin’s hash charge, a place that some assume carries potential dangers for the community’s safety.
MineXMR, the biggest Monero mining pool, is comparatively near controlling greater than half of the community’s hash charge. If it had been to succeed in such a degree, it will theoretically be capable to perform a 51% assault.
A 51% assault is when one entity holds over half of the hashing energy of a blockchain community, a place that enables them to have some sway over the community’s consensus on what transactions have gone by way of.
Some Monero proponents have raised alarm over the state of affairs, citing fears that continued deployment of mining sources on MineXMR might result in the pool controlling 51% of the community. They’ve referred to as on miners to deploy their hash energy on different swimming pools to scale back MineXMR’s hash charge management.
As of the time of writing, MineXMR controls virtually twice as a lot mining energy because the second and third largest Monero swimming pools mixed.
Had been the mining pool to develop to have greater than 51% of the community’s hash charge, this doesn’t imply that the entity would essentially assault the community and even attempt to hurt it in any manner. Plus, because it’s a mining pool, if the organizers of the mining pool had been to attempt such an assault, it’s seemingly that miners would rapidly migrate to different swimming pools to stop it.
Rogue actors who’ve gained 51% hash rate control of different blockchains previously have typically launched reorganization assaults, with the aim of finishing up a double spend assault. On this case, they begin by making a big transaction (typically swapping them for different cash on an trade). Then they broadcast another current historical past of blocks — utilizing their bigger hashrate to mine sooner than all different community individuals — which undoes the fee and lets them spend the cash a second time.
If an entity has this stranglehold over a blockchain, they will additionally perform smaller assaults, comparable to censoring new transactions from being made on the blockchain.