Cryptocurrency NewsLatest NewsMonero News

Monero (XMR) To Have Another Hardfork?

Monero might soon have another hardfork.

Buy Property with Cryptocurrency

The most recent analysis from the past 40 days seems to be suggesting that Monero is dominated by ASIC mining once again.

More precisely, it looks like 85% of the network hashrate is coming from specialized computer hardware.

CryptoSlate writes that in a Medium analysis that has been performed by MoneroCrusher, the author suggested that 85.2% of the Monero network is mined via ASICs.

“According to the author, in theory, nonce distribution should be a random number between 0 and 2^32. However, for whatever reason, different mining equipment, and mining algorithms tend to produce patterns in how nonces are chosen,” the online publication reports.

If everything is correct, the Monero developers would reportedly have to make a decision, CoinGape writes.

ASIC manufacturers grow smarter

Back in April 2018, Monero had a hard fork and implemented a brand new algorithm to prevent ASIC domination.

Back then the hashrate dropped a lot, and the ASIC domination was seen. But after a few days, the hashrate went up again.

The author says that specialized hardware came online again and it was barely noticeable.

“There’s a “wall” of suddenly increased randomness, meaning that the ASIC manufacturers had learned from past mistakes and implemented random nonce picking. The thing is that in its decentralized, “natural” state, the nonce picking in the Monero network isn’t that random.”

Monero plans to remain ASIC resistant

Monero reportedly wants to remain ASIC resistant, but a lot of voices in the crypto space are claiming that the fight against the ASIC miners will not be able to last too much.

It seems that ASIC might be inevitable and if they do have 85% of the network hashrate, the Monero community has to decide whether they have a hard fork again.

We’ll have to wait and see where this is headed and what the developer community decides.

Related posts
Blockchain NewsCryptocurrency NewsGlobal Crypto NewsLatest News

Solana, Arbitrum, Monero and One XRP Rival See Mini Breakouts

Bitcoin NewsCryptocurrency NewsGlobal Crypto NewsLatest News

Huobi Crypto Exchange To Delist Monero

Cryptocurrency NewsSponsored News

4 Reasons Why XMR May Become the Crypto of the Future

Cryptocurrency NewsFeatured News

A Guide to Basic Monero Terms

Send this to a friend