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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“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.
XMR Users Be Aware: Malware File On The Official Monero Website Found
‘’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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