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Monero [XMR]’s hashrate witnesses a massive breakdown



According to Bitinfocharts, Monero [XMR], one of the top cryptocurrency in the market and popularly known as a privacy coin, has witnessed a significant decrease in hashrate ever since the hard fork. This has led to the whole Monero community rejoicing about the drop and an enthusiast claims that “Monero has won its first battle with ASICs”.

Monero’s hashrate over the past 6 months | Source: Bitinfocharts

On 6th April 2018, Monero was forked into Monero Original [XMO], Monero Classic [XMC] and Monero V [XMV]. The hard fork took place as the major concern of the community was that the token would become centralized.

Bitmain, the biggest Bitcoin mining company and the largest ASIC chip producer had released a new product, Antminer X3. This was mainly created for mining Monero [XMR]. This led to the community fearing that Monero would become centralized if the product witnessed a mass adoption.

Due to this, Riccardo Spagni, the creator of Monero, retaliated by pledging to “do everything in his power” to halt their proliferation. Moreover, the mining company was accused of secret mining of Monero and this was responsible for 50 – 60 % hashrate during the month of April 2018

Majority of the people agree that Botnets were responsible for the secret mining and manufacturers would never engage in such activities. Cryptocurrency botnets are capable of making millions for their creators by secretly infecting various devices across the globe.

To prevent such resistance, Monero implemented a new strategy referred to as an AAHF (Anti-ASIC Hard Fork), this changes the mining algorithm on a blockchain so that ASICS tailored to the old algorithm can no longer mine effectively.

A cryptocurrency enthusiast says:

“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.”

Jetrucci, a Reddit user said:

“I hope other coins like btc and eth also follow monero on this. Jihan and his gang are cancers to this space.”

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Ajay Narayan

Ajay Narayan is a full-time journalist at AMBCrypto. He has majored in Economics, Political Science and Sociology. His interests are inclined towards writing and investing in cryptocurrencies.

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