The mining pool of privacy-focused altcoin project Monero (XMR) will close on August 12 after it was boycotted by XMR miners. The top three XMR mining pools hold more than 80% of the total hashrate.
Monero’s largest mining pool will close on August 12
Monero, the privacy-focused blockchain, is gearing up for a big change this month in terms of miner contribution. Monero’s largest mining pool, MINEXMR, has announced that it will close by August 12. Meanwhile, it will continue with the transition to a decentralized P2P pool.
Urgent: Immediately leave mining pool MINEXMR today! If you are mining Monero, and you support this pool, you are also responsible for the centralization of the monero hashrate! they control 48% of the hashrate today, WTF. #xmr #monero #urgent #minexmr pic.twitter.com/n01P87QULW
— Mano Crypto (@mano_crypto) February 14, 2022
As of now, MINEXMR controls more than 44% of the network’s computing power. This rate has caused confusion among the Monero community, which has debated on several forums and social media platforms whether or not it threatens centrality. A user named “Mano Crypto” wrote on Twitter:
Urgent: leave the MINEXMR mining pool today! If you mine Monero and support this pool, you are also responsible for centralizing the Monero hash rate! Today they control 48% of the hash rate.
There have been similar complaints about Monero’s Reddit group
Subreddit r/monero tended to “boycott MINEXMR” while community members stressed that the pool was “very close to 51%”. The 51 percent attack is when the miner controls the majority of the hash power, gaining control over the entire network. Also, such attacks lead to double spend problems on the network, in addition to deep regulation.
Hash rate distribution of altcoin miners
According to the details of pools.xmr.wiki, the MINEXMR mining pool alone contributes 1.48052 gigahash per second (GH/s) to the Monero network. In second place is Nanopool, which accounts for 21.82% of XMR’s global hash rate. Similarly, in third place is Supportxmr, which manages 14.85% of XMR’s global hash rate.
As it turns out, only the top three mining pools hold more than 80 percent of XMR’s global hash rate. All subsequent pools have significantly lower hashrate contributions to the Monero network.
Later, one of the managers from the MINEXMR team responded to the latest backlash. The manager noted that the organization has seen complaints and plans to increase pool fees to address concerns. Speaking on Reddit, one of the admins said:
We understand that people are concerned about the huge hashrate that Minexmr currently has. We have announced an increase in pool fees and continue to monitor the situation.
Monero community members have been dealing with decentralized mining since 2018. XMR coin is currently the largest privacy altcoin with a market cap of $3.1 billion. Its price has gained 20% due to the market recovery in the last two weeks. As you follow on Kriptokoin.com, XMR is currently trading at $155.73.
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