Bitinfocharts reports that the Hashrate for Monero has decreased significantly over the past few days. The Monero community is excited about the decrease in Hashrate and believe it is a good sign for the cryptocurrency. In April, Monero was forked into Monero Classic (XMC) and Monero original (XMO). This division was necessary because the community was afraid that the Monero (XMR) blockchain was becoming centralized.
Monero (XMR) Price Today – XMR / USD
Riccardo Spagni, founder of Monero, announced that he would do everything within his power to stop the proliferation of a device that was created specifically to mine Monero, Antminer X3. Also, BitMain was one of the major mining equipment manufacturers that was accused of using the Antminer X3 to mine Monero in secret. They were allegedly responsible for over 60% of the total Hashrate recorded in April.
Monero Hashrate Falls For The Benefit Of The Community
Many cryptocurrency enthusiasts claim that botnets were responsible for the secret mining of Monero (XMR) claiming that BitMain and other mining equipment manufacturers will not engage in such an act. Mining botnets can generate millions by infecting computers worldwide. In a bid to stop the attack, Monero developers created and implemented an algorithm that will make all ASIC devices mine Monero (XMR) with extreme difficulty.
The anti-ASIC hard fork that was developed by the Monero team changes the blockchain’s mining algorithm forcing miners who depend on the ASIC to retreat. While it’s common for forks to affect the value of a cryptocurrency, the value of Monero was not reduced by the creation of the fork.
The ASIC chains are now heading to zero since the mining no longer increases the value of the cryptocurrency. Monero miners who use GPU have an advantage over ASIC miners. This is because they are adaptable. For ASIC, the development will need to start from the beginning, but the case is different with GPU. ASIC miners will eventually start losing money according to a cryptocurrency enthusiast on Reddit.