Reports indicate that the Monero community is upset about a specific mining pool that currently commands 44% of the network’s hashrate. Minexmr’s supporters are asking miners to quit the mining pool, calling it Minexmr. They believe that this operation is threatening decentralization.
A Single Monero Mining Pool Commands 44% of the Network’s Hashrate, Monero Community Members Debate Issue, Pool Admin Addresses Concerns
According to data from pools.xmr.wiki at the time of writing the mine operation Minexmr controls 44.084% network hashrate. Monero is debating the Minexmr-derived hashrate. social mediaforum and debating over the threat to decentralization.
One person is on Twitter explains: “If you are mining monero, and you support this pool, you are also responsible for the centralization of the monero hashrate.”
URGENT is very close to holding most of the hashrate. At the time of writing it was just below 48%. You should ensure that this pool is not being used by anyone mining. https://t.co/U0Hz7z2VUv #Monero #XMR
— monero chan (@monerochanXMR) February 14, 2022
On Reddit, the complaints are the same, as one post on the Monero-centric subreddit r/monero asks community members to “boycott Minexmr” and stressed the pool is “too close to 51%.”
Redditor basically refers to the 51% attack. It is when a miner holds a large amount of hashpower and malignly attacks the network. 51% attacks may lead to significant issues, such as double-spends or deep blockchain reorganizations.
“Why [do] you still join Minexmr.com?” the Redditor asks in the r/monero thread. “There are 30+ other pools and decentralised p2pool. There are many pools. [one]Each day, Minexmr.com’s hashrate increased from 1.34 GH/s to 1.44 GH/s by new miners. While total network hashrate is 3.31 GH/s.”
Minexmr is currently sending 1.48052 gigahash per sec (GH/s), to the XMR network at 1,480,520,000 hashes. In addition to those metrics, Nanopool has 21.82% of XMR’s global hashrate and Supportxmr commands 14.85% today.
Between the three XMR mining pools, the combined hash equates to 80.754% of XMR’s global hashrate. Each pool lower than the top three pools has significantly less hashpower for the Monero Chain. The Minexmr admin explained that the team had seen these complaints and that the XMR mining operation will increase its pool fees in order to address them.
“We understand that people are concerned with the large hashrate that Minexmr currently has,” the admin said on Reddit. “We have announced an increase to the pool fees and continue to monitor the situation.”
Monero community members have been vocal advocates for mining decentralization. Monero’s algorithm was changed in 2018 to prevent ASICs capturing most of the hashrate. The XMR network became four separate forks.
Monero, which currently has a market capitalization of $3.1 billion, is the most valuable privacy coin in terms market value. XMR’s value has increased 19.3% against the U.S. Dollar over the past two weeks. However, year-to date, the privacy-centric cryptocurrency monero (XMR), is down 26.3%.
What do you think about the XMR community complaining about centralization concerns with Minexmr capturing 44% of the network’s hashrate? Comment below and let us know how you feel about the subject.
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