The announcement has caused Dogecoin’s price to drop and highlights the vulnerability of Proof-of-Work (PoW) chains to economic incentives that can centralise mining power.
Qubic is again causing controversy in the community after announcing plans of attacking Dogecoin (accordingly, they’re just “mining”), because doing it to Monero wasn’t enough.
Qubic founder, Sergey Ivancheglo, better known online as Come-from-Beyond, asked the community which proof-of-work (PoW) chain should be targeted next, with the options including Dogecoin, Kaspa, Zcash, and any other ASIC-mined coin.
The outcome was quite extreme, with over 300 votes on Dogecoin, more than all other networks combined.
“The Qubic community has chosen Dogecoin,” Ivancheglo announced Sunday on X.
And why are they doing this? According to Ivancheglo: “Questions around blockchain resilience are being raised and we may have tools to address them.”
Naturally, the DOGE price took a dip, now trading at US$0.22 (AU$0.34), a 5.1% decrease in the last 24 hours, according to CoinGecko data.
The announcement follows Qubic’s coordinated takeover of Monero earlier this month, as Crypto News Australia reported.
Qubic’s Majority Hashrate Triggers Exchange Safeguards
The project seized control of more than half the network’s hashrate. That majority position allowed Qubic to reorganise the blockchain and expose the vulnerability of even long-established PoW systems.
The takeover rattled exchanges. For instance, Kraken immediately froze Monero deposits, citing “potential risk to network integrity” from a single miner controlling the chain. Trading and withdrawals remain active, but deposits will only reopen when the platform considers the network stable again.
At the time of writing, Qubic’s pool controls between above 1.6 gigahashes per second (GH/s), according to MiningPoolStats.
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