November 30, 2020

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 a brand new RandomX proof of work (PoW) algorithm to save network 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.

XMR is currently experiencing a difficult period with tangiblemarket decline. Many consider the recent fork with ASIC shutdown as a failure, and some experts predict that the next update will lead to another failure in the mining process.

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