Monero Is Planning The Third ASIC-Disabling Upgrade – ASIC Might Not Really Be The Enemy

It’s been reported that Monero plans an upgrade for the end of the next month.

Usually, Monero has to deal with a considerable inflow of specialized ASIC machines that are taking over the mining process on the network.

After some ASIC-disabling forks which tweaked the Crypto Night mining algorithm, Monero plans to switch to a new PoW algorithm in order to remain resistant.

ASIC is not exactly the enemy

ASIC resistance is not adopted by all projects, according to Bitcoinist.

The online publication writes: “Ethereum (ETH) decided against a disabling fork. Other projects, like Siacoin (SC), decided on specific ASIC resistance to disable the machines by Bitmain, while favoring a native brand by the project’s founder, Obelisk.”

It’s been reported that supporters of ASIC mining believe that the large-scale operation makes the coins more secure.

But on the other hand, “CPU-based mining is less efficient, and in the case of Monero, may encourage more illegal mining.”

Monero price analysis

Monero dropped in price when BTC suffered a strong correction not too long ago, and since the privacy-oriented coin has been struggling to find support.

At the moment of writing this article, XMR is trading in the red, and XMR is priced above $53.

During the past month or a bit more than that, the highest value that XMR has been able to record has been $82, and it was believed that if the trend got better, the coin is expected to hit that value all over again.

It seems that such a thing would be possible if the privacy-oriented coin can move past $70 in the near future and rise to $75 before the end of October, revealed the online publication CryptoNewsZ.

In other news, the South Korean division of OKEx, the Malta-based exchange, has suspended the delisting of two privacy-oriented coins after delisting Monero.


Coins Mentioned

BTC

Bitcoin

Companies Mentioned

CoinMarketCap

CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.

Trending news

Top Exchanges
Icon
CEX.IO

3

Website

Icon
Coinbase

2

Website

Icon
Binance

1

Website

Top Casinos
Icon
7bitcasino

4.20

Website

Icon
BitStarz

4.93

Website

Icon
FortuneJack

4.55

Website

Top Sportsbook
Icon
1xBit

4.03

Website

Icon
Nitrogen Sports

4.73

Website

Icon
SportBet.io

4.60

Website

Eduard Watson Author

An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.

1939 Articles

Top Exchanges
Icon
CEX.IO

3

Website

Icon
Coinbase

2

Website

Icon
Binance

1

Website

Top Casinos
Icon
7bitcasino

4.20

Website

Icon
BitStarz

4.93

Website

Icon
FortuneJack

4.55

Website

Top Sportsbook
Icon
1xBit

4.03

Website

Icon
Nitrogen Sports

4.73

Website

Icon
SportBet.io

4.60

Website

Trending news