The Monero altcoin is featured in the coming altcoin news, after it hard-forked to stave off ASIC miners once again. As the headlines linked to Binance show, the Monero household mining is unprofitable, noting that there were some negative consequences associated with permanently kicking ASIC miners off the network.
In a new report that was released over the weekend, Binance talked about Monero household mining and its effciency right now. For one thing, Binance mentioned the steep drop in hashrate which has been everywhere in the latest cryptocurrency news. For another thing, Binance noted that block times increased for awhile as newly dominant GPU and CPU miners took over the network.
With this, Binance noted that the Monero houshold mining blocks were therefore more profitable to mine for a time, stating:
“As a consequence, fewer miners were competing for blocks with pre-fork difficulty levels that assumed higher network aggregate hashrates, leading to longer block times. Interestingly, with longer block times, any adjustments that are implemented at future block height mean that adjustment time is pushed back in terms of real time, further exacerbating the duration of these symptoms. It took roughly 36 hours for the average block-time to return to the normal average of two minutes per block. Unsurprisingly, the fork from April 2018 also led to a similar scenario (as illustrated by the first spike in the chart above to just under 10 minutes per block).”
The exchange further concluded that the Monero household miners will not make profits in Monero – which means that ASICs and automated mining farms are likely to continue to use Monero. Even though it may take developers some time, an algorithm can be mined and an ASIC can be built for it, Binance claims.
As a result of the hard work which was in the altcoin news and which left Monero with a lower hashrate, Binance worries that the chain is vulnerable to a 51% attack. Currently, the exchange said that it would be more profitable to dedicate the mining power to the chain than to attempt to defraud it.
Meanwhile, Monero is looking to deal with the rise of ASIC hashpower by continuing to fork. As Binance stated in the Monero household mining report, another hard fork will happen in October which is the only way for opportunities to arise.
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