Monero’s Hasrate Surged By 186% Following The Upgrade
Monero has reportedly witnessed its hashrate rise exponentially after the RandomX upgrade despite there’s a lackluster movement in price.
One of the most important upgrades that this change included is the shift of the mining algorithm from CryptoNightR to RandomX.
This new algorithm puts ASIC miners at a disadvantage, and it also limits GPU mining to an extent.
Monero to become ASIC resistant
As CryptoGlobe reports, the update uses random code execution with memory-based techniques to slow down the efficiency of mining operations and make the coin resistant to ASICs.
It seems that following the upgrade, the XMR network’s hashrate went straight to the moon.
“According to data compiled by Bitinfocharts, Monero’s hashrate rose from 309 MH/s on Nov. 29, the day before the update, to 950 MH/s as of Dec. 7. Since then, the network’s hashrate dropped to 826 MH/s, which means the jump was still of over 180%,” CryptoGlobe writes.
The online publication also notes that while Monero’s hashrate shows that miners are contributing to the network, the price of this privacy-oriented digital asset has failed to reflect a similar appreciation.
XMR’s price fell from ~$55 on the day of the update to its current value of $54.72.
At the moment of writing this article, XMR is trading in the green and the coin is placed on the 14th position on CMC.
Professional crypto miners lose following the upgrade
Despite this increase in the hashrate, Monero’s upgrade also had another effect: punishing professional crypto miners who are using ASIC rigs on the work.
The result is a boost in recreational miners who are contributing to XMR’s network with traditional CPU in a bid to maintain the network’s decentralization.
We recommend that you head over to BitInfoCharts in order to learn more numbers related to Monero’s hashrate and more.
Overall, Monero had a great year because the coin received increased interest from crypto enthusiasts who found it to be a viable opportunity for investment.
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.