Boycott XMR Pool

Welcome back to the Tribe! In this post we are going to take a look at new developments in the Monero community.

Nothing should be considered investment or financial advice. Enjoy the ride!

Boycott XMR Pool

Monero miners are wary of a mining pool called minexmr.com and its growing control over the network’s hashrate. Comments and threads on Reddit suggest that miners plan to attempt to reduce the pool’s majority in a bid to avoid a 51% attack as we’ve seen on other networks such as Ethereum Classic and Bitcoin SV.

Monero Community Against Centralized Hashrate Control

Monero proponents on social news aggregator Reddit have called on the crypto community for aid amidst concerns over the hashrate controlled by a single mining pool. The community highlighted that a pool identified as MineXMR has experienced a drastic increase in hashrate and now controls almost 50% of the total hash power in the network.

Hashrate is a measure of the combined computation power deployed by miners on a blockchain network. This power is used to mine new crypto coins and verify transactions. 

Redditors also pointed out that mineXMR is the top organic search result on Google. Members of the community surmised that this has contributed to a surge in the pool’s hash power from 1.34 GH/s to 1.44 in a single day. As of the time of writing this report, MineXMR controls about 47.891% of Monero’s total hash power and has some 12,821 miners. 

In comparison, the second-largest Monero pool in terms of hashrate accounts for about 22.714% of the network’s hash power and boasts some 3,997 miners. 

Why is this important?

Similar events where a group of miners gains a controlling majority (more than 50%) of the network’s hash power have occurred on other chains. In some of these cases, these groups seized control of the network and launched reorganization attacks.

These attacks also known as 51% attacks allow mining groups to change source code in the blockchain, block transaction settlement on-chain, and alter previous transactions. With this level of control, attackers could double-spend tokens if they wish.

Similar attacks have happened on the Ethereum Classic and Bitcoin SV chains. During both attacks, hundreds of blocks were reorganized and blockchain history was tampered with

Reserve Bank of India

In other news, the Deputy Governor of the Reserve Bank of India has called for a complete cryptocurrency ban. T Rabi Sankar who took office at the country’s apex bank in May 2021 likened digital currency with Ponzi schemes. Sankar said:

“Banning cryptocurrency is perhaps the most advisable choice open to India… We have examined arguments by those advocating cryptos should be regulated and found that none of them stand up to basic scrutiny.”

Furthermore, Sankar opined that cryptocurrency is underpinned by an agenda to circumvent a centralized and regulated financial system. The RBI Deputy Governor added that as crypto-technology serves as a vehicle to bypass know-your-customer (KYC) and anti-monetary laundering (AML) checks, the digital asset economy could in theory cripple sovereign governments.

The news aligns with previous rhetoric from Indian authorities as the country has proposed bans on digital currencies on several occasions in 2020 and 2021.

Metaverse Gist

Popular luxury brand Victoria’s secret has disclosed an interest in the metaverse with 4 new trademark applications. Details from the filings indicate that the brand plans to sell digital lingerie, footwear, and fashion accessories in the virtual reality world.

Boycott XMR Pool Post

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