Monero Community wants to reduce the hash rate from minexmr.com pool
Monero coin supporters are now planning to introduce some kind of restrictions to stop the increment in the hash rate at a particular Monero mining pool.
Monero is a private crypto asset, which can be used in transactions anonymously to remain outside the online traces. Right now Monero coin is standing at 45th rank in the crypto industry by 24 hours trading volume and the price of Monero coin is $164, which is 32% low over the last 90 days.
Recently few proponents of the Monero community noted that minexmr.com, Monero coin mining pool, is moving toward huge growth in terms of high network hash rate. Right now this mining pool is holding 47.891% of Monero’s total hash power and has around 12,821 miners’ support.
According to experts, this is showing a very big risk toward the network potential to facilitate transactions because if this pool will continuously gain huge support from the Monero miners then surely it will grab huge control on the Monero network and further Monero blockchain network will have chances of 51% attack.
Right now, Minexmr.com is standing at the first rank in terms of the highest mining hash rate and this sudden hike in hash rate is raising some questions. While the second biggest mining pool holds 22.714% network hash rate is in support with a total of 3,997 miners.
51% attack
51% attack is commonly known as the biggest risky part of the blockchain Network, where 51% of network hash rate holders may force the network to go through new rules of transaction settlement.
Under this attack, miners can control the network in their ways like double spending in a single transaction or creating a new alternate blockchain Network.
In the past, Ethereum Classic and Bitcoin SV blockchain Networks already faced such attacks. So now it will be interesting to see what the Monero Community will do against such possible risk to save the network from any kind of attack.
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