Monero (XMR) Hashrate Registered A Significant Decline
As reported by the Bitinfocharts, Monero (XMR), the most appreciated privacy cryptocurrency in the market, registered a significant decline in its hashrate. This fact made the Monero community showing appreciation regarding the news and even made an XMR enthusiast state that the renowned privacy coin “won its first battle with ASICs.”
Monero (XMR) hashrate declined, pleasing the community
This year in April, Monero forked into Monero Original (XMO), Monero Classic (XMC) and Monero V (XMV) as a consequence of the community’s worries regarding a possible centralization of Monero (XMR) ignited by the launch of the Bitmain’s Antminer X3, specially designed to mine XMR.
In consequence, Monero’s founder, Riccardo Spagni, announced he would do anything in its power to stop the proliferation of the Antminer X3 devices. Furthermore, Bitmain was accused to mine XMR in secret, being responsible for the 60% Monero (XMR) hashrate in April this year.
However, many of the cryptocurrency enthusiasts are sure that Botnets were the culprits for the secret mining endeavors and Bitmain and other crypto mining equipment manufacturers would not be engaged in such activities. Crypto mining botnets can raise millions for their operators by infecting more and more computer around the world.
Monero devs implemented new algorithms to make ASIC devices mine XMR ineffectively
Monero team developed the so-called Anti-ASIC Hard Fork (AAHF) that changed the mining algorithm on the blockchain, to force the ASIC-based miners to mine XMR ineffectively.
“The fork did not lower Monero’s value. Instead, the ASIC chains are the ones that are heading to zero because ASIC mining does not add value to a cryptocurrency. I’ve said many times that GPU miners have the upper hand against ASICs because they can adapt to any new algorithm. ASICs need to start over the development process. If a coin forks enough, they will lose money and give up,” said one Monero (XMR) enthusiast.
Andreas Townsend Author
I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.