Monero mining pool MineXMR is facing a situation that some consider poses potential risks to the security of the network. MineXMR controls 44 percent of the mining hash rate of the privacy-focused blockchain, which raises some concerns.
The decentralization philosophy of blockchain technology works on a principle based on the trust of the majority. Within the control of this majority (which is 51 percent in the general consensus structures used in the crypto money world), 51 percent attacks that can affect the functioning of the network can be carried out.
MineXMR, the largest Monero mining pool, is also relatively close to controlling more than half of the network's hashrate. That's why some Monero advocates have raised the alarm, citing fears that continued exploitation of mining resources on MineXMR could lead to the pool controlling 51 percent of the network. After this warning, the community urged miners to distribute their hash power to other pools to reduce the hash rate control of MineXMR.
On the other hand, even if the mining pool grows to have more than 51 percent of the network's hash rate, this does not mean that the asset will necessarily attack the network or even try to harm it in any way. Also, since this is a mining pool, if the regulators of the mining pool attempt such an attack, it is quite possible that miners will quickly switch to other pools to prevent it.
Monero Price and Market Data
Monero price hovers around $176.23 at the time of writing, with a 24-hour trading volume of $87,544,608. XMR price has increased by 2.5% in the last 24 hours. There is a circulating supply of 18 Million XMR coins. FMFW.io is currently the most active market for XMR trading.
Monero (XMR) is the top privacy-centric cryptocurrency based on the CryptoNote protocol, a secure, private and untraceable currency system. Monero uses a special kind of cryptography to ensure that all of its transactions are remain 100% unlinkable and untraceable. In an increasingly transparent world, you can see why something like Monero can become so desirable.