Qubic’s Ambitious Plan to Control Monero’s Hashrate Sparks Controversy
In recent developments within the cryptocurrency community, Qubic, a project led by IOTA co-founder Sergey Ivancheglo, has been at the center of significant controversy. The project’s plan to control 51% of Monero’s hashrate has triggered a strong reaction from the community, raising concerns about network centralization and potential security risks.
Community Reaction and Concerns
On July 29, 2025, cryptopanic.com reported that Qubic’s strategy to dominate Monero’s hashrate has led to widespread apprehension. The community fears that such a move could centralize the network, undermining its decentralized nature and exposing it to security vulnerabilities, including the possibility of a 51% attack. This type of attack could allow a single entity to manipulate the blockchain, potentially reversing transactions and double-spending coins.
Escalating Tensions
The situation escalated over the weekend of July 28, 2025, as reported by cryptoslate.com. Sergey Ivancheglo, also known as Come-from-Beyond (CFB), initiated an “economic” campaign to incentivize miners to shift their computational power to Monero. This move was met with resistance from the Monero community, who are wary of the implications of such a takeover. The community’s pushback highlights the tension between Qubic’s ambitions and the broader cryptocurrency ethos of decentralization.
Potential Security Threats
TheBlock.co, on July 28, 2025, highlighted the potential security threats posed by Qubic’s actions. Critics argue that Monero is at risk of a 51% attack, which could compromise the network’s integrity. The controversy underscores the delicate balance between innovation and security within the cryptocurrency space.
Qubic’s Innovative Approach
Despite the backlash, Qubic is promoting its novel “useful proof-of-work” system, which aims to incentivize miners by redirecting their computational power to Monero. According to coindoo.com, this emerging project could potentially overtake Monero’s network, offering a new approach to mining that emphasizes utility over traditional proof-of-work mechanisms.
Qubic’s Financial Overview
As of July 29, 2025, Qubic’s close price stands at $0.00000264001, with a market capitalization of approximately $307,956,913.06. The cryptocurrency has experienced significant volatility, with a 52-week high of $0.00000498405 on November 29, 2024, and a low of $0.0000010112 on March 20, 2025.
The unfolding events surrounding Qubic’s bid for Monero’s hashrate dominance continue to capture the attention of the cryptocurrency community, highlighting the ongoing challenges and debates within the industry.