Monero Loses “Quarters Of Miners” Following Shift To RandomX
As you know by now, Monero just underwent a hard fork not too long ago, and everything turned out successfully.
Monero has upgraded the network to RandomX.
The Monero developers have replaced the CryptoNight algorithm, which was used since the Genesis block by Monero with RandomX.
In the crypto market, despite the high volatility, Monero managed to gain a lot of interest from crypto enthusiasts who decided that XMR is a coin worth investing in these days.
There have also been a lot of optimistic XMR-related predictions even is lately the coin, along with other digital assets, has been struggling to recover following the fall in the price of BTC. Bitcoin’s price dropped in November a few times, and it dragged more altcoins along.
Before this upgrade mentioned above, the network used to see a constant algorithm update to ward off ASIC miners.
Monero network to be ASIC-resistant for a longer duration
On the other hand, the recent change from CryptoNightR to RandomX promised to keep the network ASIC-resistant for a much longer duration, according to info coming from the online publication AMBCrypto.
This upgrade was one of the subjects that have been discussed during the latest session of Monero Talk.
Justin Ehrenhofer, a regulatory compliance analyst at DV Trading, said the following:
““[…] RandomX, which is a new proof-of-work algorithm for Monero that is meant to be an ASIC resistant and to provide additional competition essentially within the CPU mining market. So, that’s a very large change to Monero. Of course, within GUI, it comes in with better tail support, better user experience support.”
Check out the video in order to learn more.
Monero in the crypto market
The coin has been struggling to recover after the price fall, and it seems that it keeps trading below the $55 resistance level.
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