- Qubic briefly exceeded 51% of Monero’s hashrate, reorganizing six blocks before its share eased to just over 35%.
- Dogecoin won the community vote (~301 votes), beating Kaspa and Zcash combined as Qubic’s next target.
- Qubic’s uPoW model converts XMR to USDT to buy-and-burn QUBIC tokens, channeling rewards toward an AI-centric ecosystem.
- DOGE metrics flash mixed signals: ~2.93 PH/s hashrate, price near $0.21 support, and a bearish long-to-short ratio around 0.79.
Qubic, the AI-leaning blockchain initiative, has jolted the proof-of-work landscape by momentarily seizing hashrate dominance on Monero and then steering its sights toward Dogecoin after a community poll. The rapid shift—from a live stress test on a privacy network to targeting one of crypto’s biggest memecoins—has prompted fresh scrutiny of mining economics and decentralization.
At the center is Sergey Ivancheglo (aka Come-from-Beyond), who asked the Qubic community which ASIC-enabled PoW chain should be next on its agenda. The ballot included Dogecoin (DOGE), Kaspa (KAS), and Zcash (ZEC); DOGE pulled in roughly 301 votes, more than the rest combined, signaling where Qubic’s next mining season could unfold.
Community vote points Qubic toward Dogecoin
Dogecoin emerged as the clear favorite in Qubic’s poll, outpacing Kaspa and Zcash and reinforcing the project’s appetite to pressure-test large, ASIC-mined networks. With DOGE’s market capitalization north of tens of billions and a deep mining scene, any attempt to consolidate hashrate there would draw widespread attention.
Ivancheglo indicated preparations will take months, noting that Qubic’s pool intends to continue mining Monero during the ramp-up. He also reiterated that the aim is not mere spectacle but a way to probe real-world limits of incentive-driven mining coordination.
What happened on Monero: from majority control to pushback
Qubic announced it had crossed the 51% threshold on Monero, culminating in a reorganization of six blocks after a month-long contest for hashrate supremacy. At one point, the Qubic pool’s throughput hovered around 2.32 GH/s, according to MiningPoolStats, giving it leverage to reshape the chain’s recent history.
Despite the shake-up, the team argued that Monero’s core attributes remained intact—privacy, speed, and usability—while declaring a longer-term goal: to have Qubic’s miners eventually secure the protocol. The framing cast the episode as a live-fire resilience test rather than a purely hostile maneuver.
How Qubic’s model works: uPoW and token mechanics
Qubic promotes a “useful proof-of-work” (uPoW) approach that recycles Monero block rewards by swapping XMR for USDT and using the proceeds to buy and burn QUBIC tokens. The mechanism is pitched as both deflationary and a liquidity sink that strengthens its own ecosystem.
The pool’s rise was swift: from under 2% network share in mid-May to above 25% by late July, occasionally topping pool charts. That surge illustrated how coordinated incentives can tilt mining dynamics even on a large privacy chain.
What a Dogecoin campaign could face
Dogecoin may be playful by origin, but its mining is serious business. Competition has intensified over the years, with major operators—including large Bitcoin-focused miners—deriving meaningful revenue from DOGE through merged mining.
On raw capacity, Dogecoin’s hashrate sits near 2.93 PH/s by recent snapshots, and profitability metrics point to roughly double-digit dollars in daily returns per standardized unit of mining power, varying with price and electricity costs.
Back-of-the-envelope revenue math places DOGE miners’ annual take approximately in the $0.84–$1.02 billion range, using issuance (about 1,440 blocks/day × 10,000 DOGE) and price-based cross-checks that translate to ~$2.3–$2.8 million per day, before operating expenses.
Should a pool consolidate a majority of DOGE hashrate, known attack surfaces open up—including temporary transaction censorship, chain reorganizations, and potential double-spends. Given Dogecoin’s large footprint, any such scenario would be under intense scrutiny from users, miners, and exchanges.
Signals from markets and derivatives
DOGE traded about 4% lower, hovering near the $0.21 support zone. A decisive close beneath that area could expose weekly support closer to $0.18, while intraday rebounds face resistance around $0.24. Momentum gauges showed indecision, with the daily RSI near 50 and MACD lines converging.
On-chain sentiment tilted cautious as Santiment’s Network Realized Profit/Loss swung from roughly +2.68 million to about -271.41 million in a day, a capitulation-style print implying holders were realizing losses amid elevated selling pressure.
Derivatives also leaned bearish, with a Coinglass long-to-short ratio around 0.79, indicating traders favored downside hedges or speculative shorts during the uncertainty.
Monero’s price action reflected the turbulence, with a daily drop in the mid-single digits and a broader weekly slide in the mid-teens observed around the episode, even as key exchange venues kept withdrawals and spot trading available.
