XMR Hash Rate Takes a Massive Hit

Successful Hard Fork Update

The most popular privacy-focused cryptocurrency Monero (XMR) recently had a successful hard fork. Activated on block 1788000, the network upgrade that was designed to introduce several new improvements such as a new block weight algorithm and slightly more efficient RingCT format was implemented yesterday.

One of the most prominent features of this upgrade v10 called Boron Butterfly has been addressing the Application Specific Integrated Circuits (ASICs) with Cryptonight-R PoW. There have been reports that the network has been overrun by ASIC miners again, that pose the risk of centralization which makes it more prone to a 51 percent attack.

The hard fork implemented the CryptoNight-R algorithm that will basically disable all the ASIC mining software code, hence preventing future mining through ASIC chips. Now, after this hard fork the miners will have to update their mining software and equipment.

But Not Without any Consequences

Though the hard fork has been updated successfully, the hash rate of the Monero network has taken a severe hit. As a result of curbing the ASIC mining, the hash rate plummeted as much as 90 percent after the hard fork, according to this Reddit post:

95% of moneros hashrate was Botnets FPGA and ASICS from CryptoCurrency

According to the data provided by 2miner.com, from 1.14Gh/s on March 9th, it has come down to the current 162.14Mh/s.

Source: https://2miners.com/xmr-network-hashrate

Monero’s war with ASIC miners has been going on for some time now. Last year, Monero had released a software update and that time as well, the hash rate had a similar drop.

Over time, it started making ascent as the hash rate almost re-established the April high level, only a few days back. So, in a couple of days, it is expected to stabilize as one Reddit user says,

“Give it a few days and we’ll know the actual hash rate. And maybe then we can start to draw some observations about pre-fork vs post-fork hashrate and what that implies about network composition. It’s entirely too early right now.”

Source: Bitinfocharts

Also, on March 8th, Coinhive, the Monero mining service officially closed down its business about which the company reported at the end of February, stating that it isn’t “economically viable anymore.”

“The drop in hash rate (over 50 percent) after the last Monero hard fork hit us hard. So did the “crash” of the cryptocurrency market with the value of XMR depreciating over 85 percent within a year. This and the announced hard fork and algorithm update of the Monero network on March 9 has lead us to the conclusion that we need to discontinue Coinhive.”

At the time of writing, Monero has been trading at $50.50 with 24-hours loss of 1.34 percent. The thirteenth largest cryptocurrency by market cap of $850 million has been down by 0.62 percent in the BTC market as well, as per the data provided by Coinmarketcap.

The views and opinions expressed in the article XMR Hash Rate Takes a Massive Hit do not reflect that of 48coins.com nor of its originally published source. Article does not constitute financial advice. Proceed with caution and always do your own research.

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