The sharp enhance in MineXMR’s mining hash charge up to now few months has led some XMR fanatics to suspect ulterior motives.
On Tuesday, privateness coin Monero (XMR) mining pool MineXMR’s hash charge surpassed over 1.4 GH/s, accounting for 44% of the hash charge of the XMR community. MineXMR has about 13,000 miners and costs a 1% pool payment. Based on a screenshot from Archive.org final August, the pool solely contributed to 34% of the hash charge of the XMR community.
The fast rise within the community’s hash charge has spooked some XMR fanatics, with Reddit consumer u/vscmm writing:
“We have to speak with MineXMR to take some motion proper now! Please ship an e-mail for [email protected] to MineXMR admins to take motion; a 51% pool will not be in the most effective curiosity of the group or the pool.”
If a 51% assault have been to happen, the dangerous actors concerned might doubtlessly overturn community transactions to double-spend participants’ crypto. Nonetheless, on condition that Monero obfuscates the identification of the sender and recipient via stealth addresses and ring signatures, hackers’ capabilities, on this case, can be much more restricted. Theoretically, they might solely use such assaults to mine empty blocks or double-spend their very own XMR by promoting it to an trade after which publishing an alternate ledger.
Reddit customers identified that MineXMR publicly discloses the situation of its company workplaces, that are positioned in the UK. Conducting 51% associated denial of service and fraud assaults would doubtless carry prison penalties in stated nation. Even when a mining pool have been to build up over 51% of a community’s hash charge, this could solely compromise a blockchain’s operations if the entity had ulterior motives for doing so.