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Threat of 51% attack on the Monero network

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Monero Mining Pool MineXMR now controls 44% of hashrate, which some say poses potential security risks to the network.

Concentrated hashrate in the Monero network

51% attack is the most terrible threat, when one object owns more than half of the hashing force of the blockchain network, which allows it to influence the status of transactions.

In this regard, some Monero supporters have expressed dismay over such a large share of hashrate, as MineXMR plans to further deploy mining resources. For this reason, the miners are reluctant to use their hash power in other pools to limit MineXMR’s capabilities.

At the time of writing, MineXMR controls almost twice greater mining power than the second and third largest pools of Monero together.

Attackers who have gained 51% control of other blockchains in the past have often made double spending. In addition, they canceled transactions or set a priority at their discretion.

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All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

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