nlare
Initiative
Posts: 9
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Post by nlare on Apr 6, 2018 15:16:34 GMT
My favorite privacy coin Monero (XMR) hard forked today! Although it is often referred to as a scheduled upgrade, there has been a chain split and now there are two Monero blockchains. Whether the old chain will remain and retain value has yet to be seen.
It was anticipated that Monero would loose a significant amount of hash power in this upgrade due to the fact that the proof of work algorithm was modified to make existing ASICS and botnets ineffective and miners were required to update their software to continue mining. It would appear at this time that more than 50% of the hash power that Monero had yesterday did not switch over to the new chain and as a result the 2 minute block times that Monero typically has increased to more than 10 minutes per block. Since the algorithm difficulty adjusts based on the previous 720 blocks, it will take some time for the network to adjust back to normal. When things do adjust back to normal, it will be an excellent opportunity for Monero miners to earn far more than they’re used to due to the fact that they are splitting the rewards with far less miners - at least until botnets and/or ASIC manufacturers adapt.
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nlare
Initiative
Posts: 9
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Post by nlare on Apr 8, 2018 15:10:37 GMT
Updates: It appears Monero has lost closer to 75% of the hash rate it had before the upgrade. Very interesting to think about since it is assumed most of this hash power was ASICs. Looking at whattomine.com - cryptonightv7 has become the most profitable algorithm to mine by a long shot. This is the NVIDIA GTX 1070 for example: Attachments:
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