Kraken Halts Monero Funding | Mining Pool Control Sparks Outrage
Kraken has officially suspended funding for Monero due to concerning reports that a mining pool has secured over 51% control of its network. This announcement, posted on August 15, 2025, has ignited heated discussions regarding the integrity of decentralized systems.
Centralization Concerns Grow
Frustration is growing among crypto enthusiasts. Many believed in the robustness of decentralized networks, yet skepticism is now on the rise. A notable commenter expressed frustration saying, "Libertarian Butters told me this couldn't happen because it wouldn't be in anyone's self-interest!" Others dismiss the crisis, with one user claiming, "It's FUD, the mining pool has around 22%. They’re lying about their hashrate."
New User Sentiments: Values at Stake
In a surprising twist, some people expressed disdain for miners taking advantage of the situation. One commenter stated angrily, "Fuck the selfish miners. I’m only buying my Monero from altruistic miners." This reflects a notable division among users about the ethics of mining practices.
Additionally, one user raised a critical question, "Who is stupid enough to put in their real money for this imaginary money?" This skepticism emphasizes ongoing concerns about the legitimacy of cryptocurrencies among newcomers.
Warnings About Future Network Vulnerabilities
Concerns about further vulnerabilities have intensified. With speculation that this issue could spill over into other cryptocurrencies, a user cautioned, "Only a matter of time until this happens to all coins." As centralized control looms, many are questioning the safety of their investments and the future of decentralized finance.
Mining Profitability Under Threat
The viability of mining continues to hang in the balance. With diminishing rewards, smaller miners worry they won’t sustain profits. A user lamented, "As rewards decrease, this makes centralization inevitable." Another chimed in with a stark prediction: "The miners won’t make money and stop. Wouldn't that make a 51% attack inevitable?"
Key Takeaways
🚨 51% Control: Disputes arise over claims of inflation, suggesting mining pool control may be less than reported, at around 22%.
⚠️ Future Risks: Warnings mount that similar issues could affect multiple cryptocurrencies.
💰 Profitability Issues: Declining mining rewards threaten the existence of smaller mining operations.
This developing story presents crucial conversations surrounding the viability and security of decentralized financial systems as the crypto market navigates through turbulent waters.