Monero (XMR) Stays Flat After Hashing Function Hard Fork
XMR is starting over again with a new hashing algorithm, but the price remained flat.
Monero (XMR) completed its planned hard fork to replace its hashing algorithm once again. The news of the fork only worked partially to lift the price, but the market crashes in November also depressed the asset.
Monero can now return to amateur mining with video cards and processors, returning to the early days of voluntary mining with easily acquired resources.
XMR traded at $53.14, still gaining around 10% from last week’s bottom. Trading remained relatively active at about $52 million in 24 hours. XMR is still one of the more actively traded coins, though it is met with skepticism due to its anonymous potential.
Curiously, the Monero hashrate picked up right after the fork, doubling from 300 to above 600 MH/s. This hashrate is still relatively low, but there is no knowing if a miner would decide to attack. In theory, there are enough video cards and processors to renew mining.
Monero has also been known for being mined through botnets and on the stealth through specialized scripts. In-browser mining, however, was discontinued for its annoying effect on consumer electronics.
The Monero network has tweaked its mining algorithm several times, and each time had ASIC miners appear on the network. So far, the Monero community and collection of nodes manages to achieve consensus, with no competition from miners.
At a low hashrate, in theory, it is possible that the Monero chain splits. But so far, the project has managed most of the hard forks, with no contentious groups splitting off.
In the past, several Monero versions were created, allowing continued ASIC mining, but their market price remained low. Currently, there are very few CryptoNote coins, using the original Monero mining algorithm.
XMR was actively traded on larger exchanges, but now most of the activity is concentrated on the IDCM exchange, in a pairing with Bitcoin (BTC). XMR sees relatively low volumes against stablecoins.