All about Crypto & Blockchain

Monero Supporters urging XMR miners to boycott a pool that controls 44% of the network’s hashrate.

0

Monero users recently objected to Minexmr commanding the 44% hashrate on the change. Many of the users complained about the high control that the mining pool has and the number of resources that they are taking up. This is a cause for concern for most people who believe in crypto.

As a part of the Defi tech, no individual person or group shall have a monopoly or controlling stake in the chain. But contrary to this the Minexmr mining pool is using 44% of the hash rate up to now. Monero users are dismayed by this and have asked the company to step up.

Many people on Reddit voiced their concerns about the issue and how something like this can be a problem. Having a 51% stake will lead to double sends and issues with blockchain. It will have to be reorganised and measures will be needed to be taken to keep it DeFi.

But instead of assuring the users that this is not a takeover, Monero did the exact opposite. They added 1.48053 GH/s to the network dedicated to the XMR network. Many of the miners have either switched to other operations or abandoned Monero.

The chain admin has said that the company is aware of these developments and have increased their pool fees accordingly. Also, they are monitoring the situation very closely.

If you have been planning to put money into crypto then. right now is the best time to do so. With prices rising again and many altcoins becoming stable, it is only time before they will be out of reach for most.

Leave A Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More