XMR Rallies Despite Qubic’s Questionable 51% Attack Claim

Monero’s native token, XMR, staged a 4% rebound to $276 on Aug. 18, just three days after plunging to $233 amid headlines that the Qubic mining pool had launched a 51% attack.

The privacy-focused cryptocurrency had been under pressure since news broke that Qubic allegedly seized control of more than half of Monero’s hashing power, triggering platforms such as Kraken to suspend XMR deposits. Yet by Aug. 18, XMR managed to climb back above $270, distinguishing itself as one of the few altcoins posting gains while much of the broader crypto market remained in decline.

Supporters of the project argue that Qubic may have exaggerated its influence over the network. A trader under the alias Smart Degen suggested on X that Qubic’s actual hashing power was closer to 38% rather than the claimed 51%. Critics further contend that the pool deliberately inflated the figures to intimidate miners into joining its operations by stoking fears of reduced profitability.

Even so, some analysts warn the episode underscores Monero’s vulnerability, noting that Qubic’s 35–38% control alone was enough to spark instability and controversy across the ecosystem.

Qubic Faces Backlash as Hashrate Share Declines Amid Controversy

According to trader Smart Degen, the Qubic mining pool has become the target of widespread community pushback, ranging from coordinated miner boycotts to reported DDoS assaults against its infrastructure.

These forms of resistance—combined with rising adoption of P2Ppool and solo mining—were said to have reduced Qubic’s hashrate dominance from its asserted 51% down to around 30% by Aug. 17. At the same time, Qubic’s native token slid 3%, which observers interpreted as a sign of investor frustration over the disputed 51% attack narrative.

Still, not everyone in the Qubic camp agrees with that assessment. Some backers maintain the attack was both real and successful, even claiming that Qubic now commands as much as 73% of Monero’s total hashpower. One trader, praising the milestone, described it as a revolutionary advancement:

“This is an extraordinary achievement in technological progress! QUBIC has reached 4.1Gh/s, giving it 73% control of Monero’s hashing capacity. By crossing the 51% threshold, all XMR blocks are now mined under Qubic, proving the strength of human innovation. It marks the first time we’ve seen a UPoW system channel mining power toward solving practical, real-world challenges.”