Company That Hijacked Network by Launching 51% Attack on Surprise Altcoin Publishes Attack Report

Qubic, a cryptocurrency mining pool and altcoin with its own name, shared its preliminary report on the 51% attack experiment it conducted on the Monero ($XMR) network.

During the experiment, Qubic reached 52 percent of the Monero network’s global hash rate, and in the process, 6 blocks were reorganized and 60 blocks became “orphans” (isolated).

The report reveals that Qubic mined approximately 80% of the blocks on the Monero network in just two hours. During this time, 750 $XMR and 7 million XTM were mined. Combined with unsold Tari from the previous period, the newly mined XTM totaled 17.2 billion $QUBIC, approximately $55,000 worth of assets burned.

Miners and hash rate contributors received a total of 62.2 billion $QUBIC rewards. These rewards have a market value of approximately $200,000. During the experiment, the Monero network reached a peak of 2.71 gigahashes per second, equivalent to 52% of the global hash rate, and a total of 5,506 Monero blocks were mined.

According to Qubic, Qubic mining is currently approximately four times more profitable than Monero mining. The 51% attack experiment is still ongoing, and independent experts are continuing to examine its impact on the Monero network.

*This is not investment advice.