Monero (XMR) Rises Ahead of Scheduled Proof-of-Work Shift
The Monero community agreed for the third time to strike against ASIC miners, with a total switch to a new proof-of-work algorithm.
Monero (XMR) is starting to get more active, as the market price rose more than 7% on Thursday, to $57.57. XMR got a boost from the potential to be accepted on exchanges as an optionally-anonymous coin. But the biggest boost was from the hype surrounding a total shift on the network.
“Monero (XMR) will be once more changing its PoW algorithm for mining in an effort to attract regular miners CPU/GPU miners and drive away FPGA/ASIC miners. Testing on the private RandomX testnet has concluded successfully and RandomX PoW mining will move to public testing on the XMR official testnet,” the team announced recently.
Monero already performed two ASIC-disabling hard forks, which led to a crash in the hashrate. But every time, programmable machines reappeared and took over the network. Monero kept to its CryptoNight algorithm with small tweaks. But from November onward, the network will continue with the Random X algorithm.
While the hard fork has been a known event, the approach of the date may boost XMR prices. Despite the ASIC-disabling hard forks, XMR survived relatively well, in comparison to several versions that preserved the ASIC option.
The shift to a new mining algorithm will remove XMR from the pool of CryptoNight coins, leaving it with much slimmer offerings for mining. Most CryptoNight coins are relatively unknown and illiquid. Those include Electroneum (ETN), as well as Haven Protocol (XHV), Aeon (AEON) and Bytecoin (BCN). The assets remain relatively risky.
The shift to a new mining algorithm will also have repercussions for hidden XMR mining. In the past months, hidden mining or in-browser voluntary mining once again lost its pace, as the Monero network raised its difficulty.
Now, after November 30, mining Monero will be available to powerful CPUS, and some GPUs, with an increased requirement for RAM usage. The new hard fork is viewed with optimism by the Monero community, but some see the new coin with a small hashrate as risky, with the potential for attacks and double-spending.