Reports indicate that the Monero community is concerned about a specific mining pool that currently accounts for 44% of the network’s hashrate. Supporters are asking mining participants to leave a mining pool called MinexMR because they believe the operation threatens decentralization.
A Single Monero Mining Pool Holds 44% of the Network’s Hashrate, Monero Community Members Debate Issue Allays Pool Admin’s Concerns
At the time of writing, mining operations command 44.084% of the Minexmr network hashrate, according to statistics stemming from the web page Pools.xmr.wiki. Monero community is debating the hash rate generated from Minexmr social media And forums and debate on whether this would threaten decentralization or not.
a person on twitter telling: “If you are mining Monero, and you support this pool, you are also responsible for the centralization of the Monero hashrate.”
Required: very close to holding most of the hash rate; At the time of writing, it is just under 48%. If you are mining, make sure you are not using this pool. https://t.co/U0Hz7z2VUv #monero #XMR
— monero chan (@monerochanXMR) February 14, 2022
On Reddit, the complaints are similar, as a post on the Monero-focused subreddit r/monero asked community members to “boycott MinexMR” and stressed the pool was “close to 51%.”
Essentially, the Redditor is talking about a 51% attack, which occurs when one miner controls most of the hashpower, and attacks the network maliciously. A 51% attack could equate to major issues such as double spending on the network and deep blockchain restructuring.
“Why [do] You still connect to Minexmr.com?” asks the Redditor in the r/monero thread. “There are 30+ other pools and decentralized p2pools. But within [one] On the day, new miners increased the Minexmr.com hashrate from 1.34 to 1.44 GH/s. While the total network hash rate is 3.31 GH/s.”
At the time of writing, MinexMR has a dedicated 1,480,520,000 hashes per second or 1.48052 gigahashes per second (GHz/s) on the XMR network. In addition to those metrics, NanoPool has 21.82% of the global hash rate of XMR and SupportXMR commands 14.85% today.
Among the three XMR mining pools, the combined hashrate is equivalent to 80.754% of XMR’s global hashrate. Each pool below the top three has significantly less amount of hashpower dedicated to the Monero chain. An administrator on the MinexMR team has explained that the organization has looked into the complaints, and that the XMR mining operation plans to increase its pool fees to address the concerns.
“We understand that people are currently concerned about Minexmr’s huge hash rate,” the administrator said on Reddit. “We have announced an increase in pool fees and are continuing to monitor the situation.”
Mining decentralization has been a big deal among members of the Monero community. In 2018, the XMR network split into four forks when Monero changed its algorithm to prevent ASICs from capturing most of the hashrate.
Monero is currently the largest privacy coin in terms of market valuation, with a market cap of $3.1 billion. During the past two weeks, XMR is up 19.3% against the US Dollar, but year-on-year, the privacy-focused crypto Monero (XMR) is down 26.3%.
Why do you think the XMR community is complaining about centralization concerns and is capturing 44% of the hashrate of the Minexmr network? Let us know what you think about this topic in the comment section below.
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