Monero Successfully Forks To Avoid Bitmain's ASIC Miners
Monero, as of April 6th, has successfully undertaken a hard fork to avoid the much-maligned release of Bitmain's new Asic miner specialized for Monero, the Antminer X-3. Followers of my blog will know I'm a fan of Monero, and this is likely good news for what is probably the top privacy coin, both in terms of technology and market cap.
For those unfamiliar with ASICS, they are essentially hyper-specialized computing systems designed to maximize hash power for a particular cryptocurrency (hashing algorithm, such as SHA-256) while minimizing all other parasitic uses of energy associated with normal computer systems. This minimizes the cost per hash-power, and is the best option for those looking to setup a massive mining farm for profit.
Opinions on this style of mining are mixed but leaning negative, as there are many who feel the centralize the mining of cryptocurrencies by allowing one system to mine the equivalent of 100s, or even 1000s, of standard systems. This effectively locks out standard, single-system CPU or GPU mining from being relevant, as it will not cover the cost of material degradation let alone electricity.
As a result, many users feel ASICS centralize a cryptocurrency, and to an extent that is factually correct. More to the point, they make it far more economically viable for anyone to centralize the hashing of any crypto, since one could always have purchased normal-systems in greater numbers to achieve the same effect.
Well, this is all academic for Monero now, because after the founder expressed distaste for ASICS, a fork has now been implemented that should prevent ASICS from being effective mining Monero. This fork resulted in new versions of Monero, such as Monero Original and Monero Classic, which have differing rules about ASICS and are analogous to Bitcoin Cash and Ethereum Classic in function.
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Sources: Google, CoinTelegraph, Zero Hedge
Copyright: SmartSteem, PALNet, SPL, @socky, Ebay
I can see now Minergate has two Moneros to mine. Monero and Monero original. By default my mining went into Monero original. Interesting to see how this all plays out. Thanks.
That's weird, I guess company thinks about their interest not their clients
with little to no regulations it does not surprise me that companies will do what they can to earn more and including on taking advantage of their clients.
soper,nice,good e t c
Another split not doing crypto and favours. I don’t see that coins can constantly split every time technology changes or improves.
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What's the best software to mine Moneros?
Is it profitable? (I mean, at least to cover the cost of electricity?)
Thank you!
Maybe it's just me, but every time I've tried setting up what is told to be a simple miner for say Monero or Electroneum, I can never get it to work. I've successfully set up a LTC miner long time ago but it'd take ages to be able to withdraw and you'd make nothing. But others may be profitable; even if a year or more down the road and it raises in price.
LOL, thanks for the reply, @fumferknuckle! :)
I just tried downloading the minergate's miner getting the following warning from Google Chrome:
In your opinion,
is it a simple ban because cryptocurrencies (outside their control) doesn't like to the BankSters, or it's really a dangerous software?
And the best part is that the swap over to the new mining software was super easy. Monero had no choice here, in order for it to remain a private and fungible coin. There is no way they could let one company, bitman et al to dominate the mining of its blocks. This fundamentally goes against the ideas behind monero and indeed any decentralized Currency.
I had my rig back up and running in about 10 min with the new claymore 11.3. 😉
Quick and easy here too using xmr-stak
Monero is really good token. and very good expectation. Greeting from canada.
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Definitely a good move on Monero's part.
Wasting energy is always a great idea.
Take that stupid ASIC miners!
R.i.p antminer
Wow amazing
Thanks for posting such a informative post
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