ASICs, known as application-specific integrated circuits, are a hot topic within the crypto community. While giants like Bitcoin and Litecoin have embraced these specialized mining machines for securing their network, other projects aren't too keen and are actively working to curb their influence. Ethereum and Monero Monero’s development team, recognized for its staunch stance on privacy, aims to reinforce its position against ASIC-driven mining in the coming weeks by implementing a new strategy to curb these powerful devices.
Launched during the 2014 market slump, Monero has been a grassroots campaign from the start, designed to provide privacy-conscious individuals with a decentralized option. Despite its strong foundation for those valuing decentralization, initial traction was limited. CryptoNight-based consensus mechanism.
From Grassroots To ASIC-Infested
Since its inception in April 2014, Monero has grown immensely popular, with its anti-ASIC Proof of Work protocol initially allowing everyday enthusiasts to mine XMR. However, around late 2017 and early 2018, whispers of 'secret' and unreleased ASICs dominating the network began to emerge.
Responding to community demand, Monero's core team moved decisively by changing their Proof of Work protocol several times a year to thwart ASIC dominance. First, in April 2018, they introduced an anti-ASIC hard fork, which proved timely as Bitmain launched its X3 Monero ASIC soon afterward. This action successfully reduced Monero’s hashrate drastically. start their mining careers Subsequently, in October, a new hard fork accompanied by the introduction of the Bulletproofs scaling solution led to a dramatic reduction in mining activity, although not as significantly as the initial fork, as stated by insiders. XMR mined.
As Monero looks to emulate previous successes, a confirmed blockchain modification of the same magnitude is scheduled.
Upcoming Monero Hard Fork Scheduled for March 9th BitInfo .
With insights from Sech1, a self-titled “ASIC Bricker,” Monero's lead developers confirmed that their latest countermeasure against ASICs is set to execute at block 1,788,000. Developer Moneromoo noted that it will occur on the 0.13 branch, indicating that the primary change will be an updated Proof of Work protocol with no additional features.
If past patterns hold true, once this fork takes place on March 9th, Monero’s hashrate is expected to dive as existing ASICs tailored for Monero’s CryptoNight will render ineffective for the third time in twelve months.
According to a recent Reddit post The decision to pursue this course followed uncovering research by MoneroCrusher suggesting that a staggering 85% of the current mining power might be due to XMR ASICs. In an analysis posted on Medium, the researcher pointed out repeating patterns in mining activity.
Further investigation by MoneroCrusher revealed those specific patterns in nonce variations implied a significant presence of ASICs mining Monero. Based on data from SChernykh and the Noncesense Research Lab, it was noted that about 5,400 dedicated ASIC machines were part of this mining operation. Expect this number to dwindle on March 9th.
I've been immersed in the cryptocurrency world since 2013, sharpening my knowledge and gathering diverse experiences. My articles have been highlighted in top-tier outlets like LongHash, NewsBTC, and Decrypt. Alongside crafting narratives, I am a part of HTC's EXODUS division. I hold a modest sum of Bitcoin. For inquiries, reach out to [email protected]. in-depth study Solana (SOL) Early Investor Highlights a Positive Trend for Rexas Finance (RXS) with Predictions for 2025
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