Monero Is Taking Actions Against ASIC Miners

Monero Is Taking Actions Against ASIC Miners

Crypto enthusiasts are familiar with hundreds of currencies and their purpose. Monero, for example, is praised for its privacy-oriented protocol and its developers are fiercely defending their product. The market is growing rapidly and the public interest has not declined by an inch.

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Crypto enthusiasts are familiar with hundreds of currencies and their purpose. Monero, for example, is praised for its privacy-oriented protocol and its developers are fiercely defending their product. The market is growing rapidly and the public interest has not declined by an inch.

Cryptocurrency mining has become an obsession for some and hardware manufacturers are desperate to cash on the frenzy. Some currencies are easy to mine with ordinary devices while others’ algorithms require specific mining rings. Bitmain is one of those companies that manufacture ASIC (Application Specific Integrated Circuit) mining rigs. However, Monero developers released a stance where they strongly oppose such actions. ASIC rigs mine Monero’s Proof of Work hashing algorithm – Cryptonight.

But why Monero developers hate that? Because only a handful of companies have the capabilities to produce ASIC mining rigs, which would consequentially, monopolize the majority of network hash rate for Monero. In other words, Monero might become centralized, something that nobody wants nor needs.

This is why the team behind the privacy-oriented currency is working on a slight algorithm change that will bypass the ASIC miners. Each modification of the PoW is happening at scheduled forks; or twice a year, to be more precise. The end XRM user will not notice the changes but the ASIC mining rigs will, and this will stop them tracking the XRM algorithm. Developers clarify that in case the modifications do not deliver the desired results they are ready to make more forks in between the planned two.

The blog post states “ASICs may be an inevitable development for any Proof of Work but we feel that any transition to an ASIC-dominated network needs to be as egalitarian as possible in order to foster decentralization. At this point in time, we suspect that any newly developed Cryptonight ASIC will not be egalitarian and will not foster a decentralized network.”

The authors are concerned that the small group of manufacturers may be forced by governments to sell rigs only to trusted individuals or disclose private information. The first PoW modification is expected to happen in March.

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