Monero supporters urge XMR miners to boycott mining pools with 44% hashrate
The Monero community is reportedly angered by a mining pool that currently accounts for 44% of the network’s hashrate. Proponents are urging mining participants to leave the Minexmr pool, believing this activity threatens decentralization.
At the time of writing, Minexmr mining accounts for 44.084% of the hashrate on the network, according to statistics from pool.xmr.wiki. The massive hashrate derived from Minexmr has the Monero community discussing on forums and social media, bickering over whether it threatens decentralization.
A person on Twitter to explain:
“If you’re mining XMR and supporting that pool, you’re also responsible for centralizing the Monero hashrate.”
Over RedditSimilar complaints were raised when a post on the subreddit r/monero channel focused on Monero urged community members to boycott “Minexmr” and stressed that the pool was “too close to 51%”.
Essentially, the Redditor speaks of a 51% attack. Then a miner controls most of the hash power and maliciously attacks the network. A 51% attack can lead to serious problems such as double spending on the network and a widespread reorganization of the blockchain.
“Why are you still joining Minexmr.com? There are more than 30 other pools and a decentralized p2pool. But within a day, the new miners boosted the Minexmr.com hashrate from 1.34 to 1.44 GH/s. While the total hash rate of the network is 3.31 GH/s.”
Six pools top XMR mining on February 14, 2022
At the time of writing, Minexmr has 1,480,520,000 hashes per second or 1,48052 gigahashes per second (GH/s) on the XMR network only. In addition to these numbers, today Nanopool has 21.82% of the global hashrate of XMR and Supportxmr 14.85%.
Looking at these 3 XMR mining pools alone, the total hash is 80.754% of the global hash rate of XMR. The other top pools all have significantly lower hash power specific to the Monero chain. An admin from Team Minexmr to explain that the organization has seen the complaints and is planning to increase pool fees to address the concerns.
“We understand that people are interested in the massive hashrate that Minexmr currently has. We have announced an increase in pool fees and continue to monitor the situation.”
Mining decentralization is a major headache for Monero community members.
When Monero changed its algorithm in 2018 to prevent ASICs from consuming most of the hashrate, the network split into four forks.
Monero is currently the largest privacy coin by market valuation with a capitalization of $3.6 billion. Over the past 2 weeks, XMR is up 19.3% against the US dollar, but year-to-date the privacy-focused cryptocurrency is down 26.3%.
Source: Trade View
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