Members of the Monero community have revealed a worrisome development: a single mempool is getting closer to gaining substantial dominance over the entire network.

Despite the fact that the Monero team has yet to offer an update despite the community’s active posting, this is how the phenomena could damage the entire network.

Monero MineXMR Pool is a Monero mining pool.

MineXMR is the largest mining pool in the Monero mining community, with over 12,851 miners earning 1.5 million kH/s. They are responsible for 44.2 per cent of all Hash Rate produced.

The reason this is concerning is that it is never a good idea for a single miner or pool to obtain more than 51 per cent Hash Rate supremacy, as this exposes the entire network to a 51 per cent attack.

In the crypto world, a 51 per cent attack is regarded as one of the most serious dangers to a network because when a single party has such dominance, they also have substantial power in decision-making and transaction validation.

In this scenario, the immutability of blockchain technology is jeopardised.

This might generate enormous havoc among investors, especially in the case of Monero. As things stand, the network’s users aren’t as active as they once were.

Transaction volume has dropped by 51% from a high of 40k to merely 19k at the moment.

To add gasoline to the fire, volatility has been growing at a breakneck pace, hitting a five-month high. As a result, the returns on investment have plummeted to a dismal negative 27.08.

As a result, investors may pull out, causing the price to fall even further. XMR is currently selling at $177, down 64% from its all-time high of $484.

Attacks on the remaining 51%

In August of last year, the Bitcoin hard fork Bitcoin SV (BSV) was attacked 51 per cent, and the coin lost 5% of its value. Another Bitcoin hard split, Bitcoin Gold, had experienced a similar attack two years prior.

Ethereum’s hardfork Ethereum Classic too was a victim of a 51% attack not once or twice but three times in the same month in 2020. The first attack hit on August 1, the second occurred on August 6 followed by the third attack on August 29.