Qubic Mining Recap (Epoch 175)

TL;DR: Epoch Summary:

• Qubic continues Monero experiment, resulting in nine blocks being orphaned on 3 separate occasions.
  
  

• As much as 16 blocks could have been orphaned at once but Qubic team is committed not to put Monero in danger of double-spend attack.
  
  

• Approximately 737 XMR and 6 million Tari were mined.
  
  

• Mined Monero was sold, 86 billion QUBIC has been purchased from the market at an average price of 2400 per Billion totaling $206,794. Purchased QUBIC was burned / removed from the circulating supply.
  
  

• A total of 7955 Monero blocks were found.
  
  

• Qubic had its first Halving, reducing the miner rewards and reducing the weekly sell pressure.
  
  

• The 51% Monero experiment is still ongoing.

Profitability and Revenue

The profitability for Qubic miners has fallen for two reasons. First, for second Epoch in a row, the mined XMR is being used for burning Qubic’s circulating supply instead of being distributed as extra bonuses to Computors and miners. Second, the standard rewards have been affected by the Halving. This Epoch was the first, where Computors earned half the emissions comparing to previous Epochs.

That said, the profitability of CPU-based miners on Qubic stays ahead of what they would have earned if they were to mine Monero directly.

This epoch's earnings totaled approximately 737 XMR and 6 million XTM. Qubic’s custom mining generated roughly $206,794 in Monero and Tari earnings, with all mined coins had been converted into 86,164 billion QUBIC.

The statistics for USD profits and QUBIC burn amounts were influenced by a significant increase in the price of Monero and a drop in the price of Qubic.

The total of 7955 Monero blocks found by the Qubic network are a remarkable testament to its mining consistency and growing influence in the Monero ecosystem. Profitability metrics were maintained by a community member Eko in the Qubic Discord.

Summary of Epoch 175 Narrative and Events

As is customary, Qubic dedicated three days this week to mining Monero full-time. Although the network faced continued DDoS attacks, it has become more resilient, and such attacks are growing more expensive for the perpetrators. At times, Qubic's hashrate significantly exceeded the 51% threshold of Monero's hashrate, reaching as high as 58%.

It's notable that the Monero community and developer circles have changed their narrative toward this experiment.

• It has been accepted that Monero’s Proof of Work consensus has failed.
  
  

• Many discussions have started regarding protecting the protocol and improving the consensus mechanism.
  
  

• The developer community has witnessed and accepted the fact that we are here to help and not to do harm.

During the three mining marathons in this epoch, three notable orphaning events occurred, with Qubic deliberately limiting itself to orphaning no more than nine blocks at a time.

According to discussions among Monero developers, Qubic had the ability to orphan 16 blocks but chose not to.

 This was done to prevent a potential double-spend issue on the Gate.io exchange, which had its confirmation limit for Monero transactions set to 10. Qubic founder Sergey Ivancheglo explained this on X

Come-from-Beyond @c___f___b
Because Gate exchange didn't follow our advice to increase the confirmations limit (kept it at 10 blocks).
Source

Qubic’s main goal remains mining Monero protocol for profit, while integrating functionality into further tests on other protocols.