The Qubic network announced on April 1, 2026, that it has successfully acquired 51% of the Monero (XMR) network's hashrate and has commenced mining Dogecoin (DOGE) using its AI-powered compute infrastructure.
"The Qubic network's computational power, originally designed for AI tasks, has been repurposed to demonstrate the vulnerabilities in legacy proof-of-work systems," a spokesperson for Qubic said in a statement.
The alleged 51% attack, if verified, would represent a critical security breach for Monero, a cryptocurrency known for its privacy-enhancing features. Control of a majority of a network's hashrate allows the controlling entity to potentially disrupt the network, double-spend transactions, and prevent other miners from creating blocks. The immediate pivot to mining Dogecoin, a popular memecoin, adds a surreal dimension to the security exploit.
This event could trigger a catastrophic loss of confidence in the Monero network, potentially leading to a severe price decline for XMR and delistings from major exchanges. More broadly, it raises significant security concerns for other proof-of-work cryptocurrencies, potentially causing widespread Fear, Uncertainty, and Doubt (FUD) across the market. The use of AI-specific hardware for mining traditional cryptocurrencies also highlights the evolving landscape of computational power and its potential applications, both constructive and destructive.
This article is for informational purposes only and does not constitute investment advice.
