Monero Strengthens ASIC Resistance with Upcoming Hard Forks and Network Upgrades
Autor: Mining Provider Editorial Staff
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Kategorie: News
Zusammenfassung: Monero is implementing hard forks to combat ASIC mining centralization, ensuring decentralized and accessible mining while maintaining its commitment to privacy without plans for legalization. Interest in Monero has surged recently, indicating a potential bullish trend despite ongoing challenges.
Monero Continues Its Resistance to ASIC Mining
The Monero network is planning a hard fork at block 1788000 in response to the increasing threat posed by ASIC miners, which centralize mining operations. This ASIC-resistant fork is expected to occur around March 9, followed by another hard fork on March 10 at block height 1788720. These code updates are part of the ongoing efforts by Monero developers to make ASIC mining ineffective within their network, ensuring that mining remains accessible to individuals using only GPU or CPU miners.
Historically, the cryptocurrency community has felt the impact of ASIC miners, particularly in the Bitcoin network. In early 2018, several mining companies announced they would release their licenses for ASICs specifically designed for Monero mining. To counter this threat, the Monero core development team executed an emergency hard fork, which successfully reduced the hash rate by more than half, making ASIC mining unprofitable under those conditions.
"ASICs, as they are typically manufactured by a few companies, represent a single point of failure—a scenario that most cryptocurrency projects want to avoid," stated the Monero development team.
In a recent analysis, it was found that over 85% of the current Monero hash rate is generated by ASICs, with each machine operating at a capacity of 128 kh/s. This revelation prompted the core team to announce a software upgrade aimed at implementing a third PoW adjustment (CryptoNight-R) to further enhance ASIC resistance.
In summary, Monero is actively working to maintain its decentralized mining structure through planned hard forks and software upgrades, ensuring that mining remains accessible to a broader audience.
Monero: No Plans for Legalization
Unlike ZCash and Dash, which have taken steps towards legitimacy, Monero has no plans to legalize its status. A report by blockchain analysis firm Chainalysis highlighted that the use of Monero in the darknet is increasing due to its focus on privacy and lower fees compared to Bitcoin. This has raised concerns about its association with criminal activities, including reports of North Korea using malware to mine Monero without users' knowledge.
Recently, a campaign called Bail Bloc was launched, allowing users to mine Monero to fund bail for detainees of the U.S. Immigration and Customs Enforcement (ICE). This initiative reflects the ongoing connection between Monero and various activist movements, emphasizing its role as a tool for social change.
In conclusion, Monero remains steadfast in its commitment to privacy and decentralization, resisting pressures to conform to mainstream financial systems.
Is Monero Forking? It Depends on Who You Ask
The Monero network is on the verge of an upgrade, which has raised questions about the potential for a fork. With a market capitalization of approximately $2.5 billion, Monero is the largest of the three leading anonymous cryptocurrencies. The upcoming upgrade aims to increase the minimum ring size to 7 and make life difficult for ASIC miners that have disrupted the network since January.
As ASIC miners are specifically designed for mining Monero, their presence can lead to centralization, which threatens the network's integrity. The core team has emphasized that the upcoming event is a planned network upgrade, not a fork, although there are concerns about the potential for a competing version of Monero to emerge.
In summary, while the Monero core team insists that the upcoming changes are not a fork, the potential for a split remains a topic of discussion within the community.
Monero Price Analysis – Google Trends Up for the First Time Since Early 2018
Interest in Monero has surged according to Google Trends, marking the first positive shift in years. The cryptocurrency, which was launched in April 2014, has seen its price drop 66% from its all-time high of nearly $500 in December 2017. Currently, Monero's market capitalization stands at $2.84 billion, placing it at 15th in the Brave New Coin rankings.
Monero's standard privacy features utilize advanced cryptographic techniques, making it a leader in privacy-focused cryptocurrencies. Despite facing challenges, including the rise of mining malware, Monero continues to attract attention and maintain a strong position in the market.
In conclusion, the recent increase in interest and positive technical indicators suggest a potential bullish trend for Monero, as it continues to innovate and adapt in the competitive cryptocurrency landscape.
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