July 24, 2024

Monero will switch to a new algorithm to combat ASIC

Monero will switch to a new algorithm to combat ASIC

Monero (XMR) plans to switch to RandomX's all-new proof-of-work (PoW) algorithm to preservenetwork stability and reduce the effectiveness of ASIC mining.

By the end of this month, Monero is planningan upgrade that will make the network even more accessible for mining using graphic processors (GPUs). The updates integrate the RandomX algorithm, which successfully completed testing in a private test network.

To protect against ASIC miners, the Monero network has twice performed a hard fork, having previously implemented the CryptoNight algorithm. This algorithm has repeatedly been criticized for its high degree of centralization.

Now XMR is going through a difficult period with a noticeable drop in the market.as a failure, and some experts predict that the next update will lead toto another glitch in the mining process. 

Recall that several exchanges have recently delisted privacy coins, including XMR.