Monero Price Suffers 10% Drop After Qubic Pool Gains Majority Hashrate Control

Monero’s price experienced a notable decline of 10%, triggered by a temporary surge in control for the Qubic mining pool, which amassed over 51% hashrate. The sudden shift sparked concerns about potential manipulation and its implications for Monero’s blockchain operations. This event saw rapid recovery as other miners reduced Qubic’s dominance from above 51% to below 14%, leading to a return to market stability. Monero, known for its privacy focus, has been targeted by governments and regulatory bodies, often excluded from major exchanges. The incident highlighted the importance of maintaining decentralization in cryptocurrency networks.