Monero’s Stress Test & The Risks to PoW Security

In this issue of Coin Metrics’ State of the Network, we use the Monero episode as a case study to explore the risks tied to PoW security. We explain what constitutes a 51% attack and chain reorg, revisit past incidents on networks such as Ethereum Classic, and consider what this reveals about the vulnerabilities that smaller PoW chains can be exposed to.

Key Learnings

  • Qubic briefly claimed majority control of Monero’s hashrate, triggering a shallow six-block reorganization of the ledger.

  • Monero’s RandomX algorithm broadened mining access through CPUs, but its lower hashrate left it vulnerable to concentration, enabling Qubic’s incentives to gain outsized influence.

  • The episode shows how smaller PoW networks with thinner security budgets and concentrated mining power can be more exposed to disruptions in consensus.

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