After upgrading the mining algorithm, Monero hash rate soared, but XMR price sideways

The Monero hash rate soared 186% after the network upgrade process with the implementation of RandomX’s mining rules. This proves Monero (XMR) has confirmed the idea of ​​decentralization as new mining rules have narrowed the advantages of having expensive mining hardware.

New mining algorithm, Monero hash rate nearly triples

Before the upgrade, the Monero hash rate at 309 MHash/s. Seven days later, the hash rate reached 952 MHash/s – marking the third increase of the Monero hash rate. The previous two increases occurred in March 2018 and April 2019.

after-upgrading-the-mining-algorithm-monero-hashrate-soared-but-xmr-price-sideways

Source: Bitinfocharts.com

One of the other causes of the sharp increase in hashrate is due to the features of the new ASIC resistance mining principles. ASIC resistance is the approach of miners to eliminate the advantages of having dedicated hardware (mainly ASIC and FPGA). This will give miners an equal opportunity to participate in the mining process.

Network Monero usually performs updates every six months, generally by adjusting algorithms. Consequently, mining companies attempting to decentralize corruption are losing the catalyst for buying expensive hardware. At the same time, most AMD and Intel CPUs manufactured since 2011 work well with RandomX.

Does the XMR price have any effect?

Although the hash rate has changed, the network has been better, but the price of XMR has not increased. XMR has continuously been sideways around $ 54 for the past few weeks. On the day of the network upgrade, the price of XMR even dropped by $ 52.9. That means the price of XMR is still following the general trend of the Altcoin market.

XMR price

Daily XMR price. Source: Trading View

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