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Monero News

Monero Upgrade Leads To GPU And ASIC Mining Retirement

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The latest Monero Upgrade has finally decided to get rid of GPU and ASIC mining, after the successful implementation of the scheduled event on November 30 as we reported in our XMR news.

The new RandomX mining algorithm was introduced to get rid of the ASIC machines and to improve the efficiency of CPUs in general. The specialized mining hardware has been an often-debated issue and some of the critics argue that they have a centralizing effect since only a handful of companies in the world are capable to create the ASICs. On the other hand, some suggest that the ASIC-secured networks are less prone to getting hit with a 51 percent attack.

The Monero upgrade led to the proponents who heavily criticized ASICs and pledged to maintain the resistance of XMR as specialized hardware, finally changing the mining algorithm even at a higher cost. RandomX is now the result of that decision and the new proof-of-work algorithm uses a random code execution and memory-intensive techniques that make the use of ASICs unnecessary. The introduction renders all of the CryptoNight ASICs obsolete and the added complexity only makes the development of the new machines expensive and ineffective.

The ASIC miners are not the only ones that are affected by the upgrade since the new algorithm is meant for CPUs as well in order to penalize GPU miners who want to mine Monero. The comparison shows that the hashrate for central processing units is looking a tenfold increase and in comparison, the Nvidia GPUs either retained or improved their existing performance. For AMD cards, most of them are half as capable as before.

With the focus on CPUs, Monero developers believe that the ‘’network will become even more decentralized and egalitarian in the distribution of block rewards.’’ This could turn out to be a bad idea as well since Monero has historically always been more CPU-friendly which leads to the spread of malicious native browser-based mining software. The developers expect that the new upgrade will become noticeable by administrators because it has a great memory-hard approach and a higher potential to gain which could result in a renewed push for malware distribution.

However, the uniqueness of the new RandomX platform is positive from a security point of view. There are a few CPU based mining farms that can be repurposed to attack monero. The Hashrate also increased since the introduction so it seems that CPUs already formed a significant deal of the mining power.

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DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at editor@dcforecasts.com

Stefan is a full-time member and has been a Bitcoin Specialist for over 6 years. Providing daily news and updates for DC Forecasts.

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Monero News

Monero Posts Double-Digit Gains After A Strong Bullish Reversal From $45

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Monero posts double-digit gains and has a bearish short-term and medium-term trading bias according to the four-hour time frame that shows a bullish inverted head and shoulders pattern forming that was triggered. Let’s find out more about the price in the latest Monero news today.The daily time frame shows that the cryptocurrency has bounced from the major trendline support. Monero posts a bullish reversal from the $45 and the cryptocurrency is now trying to recover from the eight-month trading low. The XMR/USD pair has declined by more than 30 percent since the start of November and is now trading around 58 percent below the current 2019 trading high.The technical analysis shows that the XMR/USD pair is still bearish in the short and medium-term but the signs are emerging that the recent recovery can turn out to be sustainable. The four-hour time frame shows there is a small inverted head and shoulders pattern that has been triggered with the $65.00 level the overall upside objective of the bullish pattern target. The rally towards $65 would also help to create a stronger reversal pattern that could eventually send the XMR/USD pair down to the $85.00 level.The daily time frame shows that the sellers are testing the top of the falling wedge during the decline so the buyers are defending the technical test the best they can. The daily time frame shows that the XMR/USD pair will be in a top position if the buyers manage to speed up the recent recovery to the $78.00 level. This could help Monero recover above the 200-day moving average and reclaim the technical bullish status.The Relative Strength Index on the daily time frame clearly shows that the recent recovery is pulling the coins away from the oversold positions. According to the latest sentiment data, the short-term sentiment for Monero is neutral at 56 percent and the overall long-term sentiment for the altcoin is still neutral at 33 percent.  Breaking above the $91 level could have the recent swings at $98 as the strongest form of technical resistance. The daily time frame shows four lower price highs and makes a break above the most recent swing high at $91 which is very important in the technical sense.The daily time frame shows that the XMR/USD pair is trading below the 50-day moving average at $87 but above the 200-moving average which is close to the $74 level. The four-hour time frame shows that the pair has a strong medium-term technical support close to the $52 and $48 levels. The long-term technical support for the XMR/USD pair is close to the $45 level.
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Monero Price Shows Major Upward Support Forming: Analysis

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Monero price shows major upward support forming and shows that the altcoin has a bearish-term and medium-term trading bias as we are reading further in the Monero news.The four-hour time frame shows that there is a bullish inverted head and shoulders pattern triggered. The monero price shows double-digit gains following the strong bullish reversal from the $45 and the cryptocurrency is now trying to recover from the eight-month trading low. The XMR/USD pair declined by more than 30 percent since the start of the month and is now trading around 58 percent lower than the current 2019 trading high.The technical analysis shows that the XMR/USD pair is still technically bearish over the short and medium-term but the signs show that the price could be sustainable in the medium term.  The four-hour time frame shows that there is an inverted head and shoulders pattern that has been triggered with the $65 level and the overall upside objective of the bullish pattern target.The rally towards $65.00 could also help to create a much bigger reversal pattern that could eventually send the XMR/USD pair towards the $85.00 level. The daily time frame shows that the sellers are testing the top of a falling wedge pattern during the recent decline and the buyers successfully defending the technical tests. The daily time frame shows that the pair will be put in a prime position if the buyers can accelerate the recent recovery to the $78.00. This could help the price rise above the 200-day moving average and get its technical bullish status.The relative strength index on the daily time frame only shows that the recovery is pulling monero away from oversold positions. According to the latest sentiment data, the short-term sentiment towards the altcoin is neutral at 56 percent while the long-term sentiment for the altcoin is neutral at 33 percent. If the coins manage to break above the $91 level, this could boost the altcoin to a new strong form of technical resistance. The daily time frame is now showing four lower price highs and taking a break above the most recent swing at $91.The daily time frame is explaining that the XMR/USD is trading below the 50-day moving average standing at $87 but above its 200 day moving average. The charts show that the XMR/USD pair has a very strong medium-term technical support around the $52 level.
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Monero News

Crypto Exchange BitBay Will Delist Monero Due To Laundering Concerns

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The popular crypto exchange BitBay has recently made a decision to delist Monero (XMR) because of money laundering concerns. The privacy-centric coin has been in the cryptonews for some time now.In the latest episode, we can see that the exchange made its decision this month and announced it on November 25. They also noted that the delisting will take place on February 19, 2020.
“Monero (XMR) can selectively utilize anonymity features among projects. This feature of XMR is a subject to end of transaction support. The decision was made to block the possibility of money laundering and inflow from external networks,” the crypto exchange BitBay officially stated.
On November 29, the exchange will stop accepting XMR deposits and due to the upcoming Monero (XMR) blockchain form, XMR withdrawals won't be possible from the same date to December 5. As BitBay revealed in the Monero news, the exchange is ending trading support on February 19 after which it will also cancel all buy and sell orders for XMR. The exchange noted that all Monero (XMR) holders must withdraw their XMR by May 20, 2020.Known as one of the most successful exchanges from Poland, the crypto exchange BitBay is the 90th largest by cryptocurrency exchange volume, according to data. At press time, it has a daily trade volume of around $20 million.Officials from the crypto exchange BitBay were also in the news for explaining the decision that the officials made. They said that as a regulated exchange, BitBay must follow market standards and regulations regarding consumer protection as well as reporting practices. This is why Monero (XMR) and other privacy coins have already been delisted from many crypto exchanges.As we can see from the latest news and rumors, the overall climate in the cryptocurrency industry is now unfriendly towards privacy-centric projects. Before BitBay, we could see that in September 2019 the major exchange OKEx delisted a slew of privacy-oriented coins too which included the names of Monero (XMR), Dash (DASH), Zcash (ZEC), Horizen (ZEN) and Super Bitcoin (SBTC).In parallel to this, the German Federal Ministry of Finance also took privacy coins as the subject in a panel and expressed the concerns around the rising use of these tokens due to their association with criminal activities.
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Monero News

XMR Users Be Aware: Malware File On The Official Monero Website Found

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The XMR users who have downloaded finery files over the past 24 hours might have as well installed a malware via the official site getmonero.org as the platform announced. In our Monero news today, we find out more.Some of the binary files that the XMR users downloaded from the official website have been compromised according to the Monero developers. The users spotted a problem when they saw that the hash of the downloaded binary files looked very unusual. The core team of Monero said:
‘’It appears the box has been indeed compromised and different CLI binaries served for 35 minutes. Downloads are now served from a safe fallback source.’’
Monero warned the users to check the integrity of the binary files that they downloaded and they warned the xmr users:
‘’If the hashes do not match, do NOT run what you downloaded. If you have already run them, transfer the funds out of all wallets that you opened with the (probably malicious) executables immediately, using a safe version of the Monero wallet (the one online as we speak is safe — but check the hashes).’’
Right now, all of the downloads are carried out from a safe backup source and the Monero team has started an investigation of what caused the problem and will offer relevant details soon enough.  The problem with the malware binaries came two weeks before the Monero hard fork which is scheduled for November 30. The upgrade will introduce a new Proof of Work algorithm that is named RandomX. It has also been optimized for typical CPUs by implementing a random code execution and multiple memory-hard techniques that will allow staying ASIC-resistant.Monero does the hard forks every six-month basis to customize the mining process just to keep the ASIC miners away. The goal of the Monero team is to provide miners with equal opportunities and the developers are upgrading the network from time to time just to make ASIC and FPGAs useless when it comes to XMR mining. Coinbase also stated in a recent blog post that Monero’s tweaks are inefficient:
‘’This strategy underestimated the ability of talented hardware designers to quickly incorporate functionality into a chip design. It is almost certainly possible for a highly skilled chip designer to master a development process that can incorporate whatever pattern would inevitably develop for these proof of work changes’’
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