Hashrate Monero network hit new all-time high after changing Proof-of-Work algorithm

By Selena 01/3/20 9:22 AM

According to data from BitInfoCharts, the hashrate Monero (XMR) recently reached a new all-time high right after it changed its Proof-of-Work (PoW) consensus algorithm to circumvent dedicated ASIC mining tools. This figure was recorded as 1.1353 GH/sec, increasing immediately after Monero upgraded to RandomX consensus algorithm.

As AzCoin News reported, the Monero hashrate before soared 186% after the network upgrade process with the implementation of RandomX’s mining rules.

Monero hashrate hits new ATH after RandomX consensus algorithm?

Monero’s new Proof-of-Work (PoW) consensus algorithm, called RandomX, works as a way to further decentralize the network and keep ASIC miners away from it.

Hashrate of Monero | Source: BitInfoCharts

Monero’s hashrate history is full of ups and downs as it fights to decentralize mining. In March 2019, the Monero network was forced to hard fork to limit ASIC mining, causing the hashrate to fall by 80% when these dedicated cryptocurrency miners stopped working on the network.

However, this time, the change that helped it reach the highest level of all time was different. Monaro’s hash rate will change after the hard fork when the algorithm switches from CryptoNight to RandomX. However, AZCoin News found that speaking of Monero’s hashrate doubled or tripled like saying the prices of groceries in Germany halved after switching from the Deutsche Mark to the Euro. This means you cannot directly compare the prices of different currencies just as you cannot compare the hashrate of different algorithms.

Take the example of the transformation of the Aeon network from the CryptoNight algorithm to KangarooTwelve. This move caused the network hashrate to increase about a million times to several TH/s.

The move to RandomX is meant to provide long-term ASIC resistance without having to change mining algorithms continually because this is not sustainable and is harmful to the network.

In terms of security, the Monero network is at least as safe from outside attacks as it is with CryptoNightR and perhaps even more secure. The rise above 1 GH/s is also predicted before movement.

Regarding the use of botnets to focus on privacy and the use of malware to encrypt users’ devices, RandomX makes it difficult to illegally mine cryptocurrency because it has a higher memory requirement and uses more power. Moreover, it cannot run in a browser and with a tool called RandomX Sniffer, so it can detect whether users have accidentally exploited or not.