Monero [XMR] experiences steep decline in hashrate; community delighted 21231
News
Ashmita Dutta
Aug 20, 2018 at 12:21 PM

The significant downfall in the hashrate of Monero [XMR] made headlines in the crypto world.

After the hard fork, the hashrate has experienced a conspicuous fall, Bitinfocharts reported. Monero [XMR], which happens to be a privacy coin, is in the tenth position in the list of all cryptocurrencies.

Meanwhile, the downfall made the Monero community members get excited. One of the crypto enthusiasts has commented on this event, “Monero has won its first battle with ASICs”. The underlying reason that prompted the hard fork was the concern among the community members regarding the upcoming centralization of the token.

See also: Coinhive generates around $240,000 worth of Monero [xmr] each month

On April 6, 2018, Monero [XMR] saw its division into Monero Classic [XMC], Monero Original [XMO] and Monero V [XMV]. For the purpose of mining Monero [XMR], Bitmain has launched its new product called Antminer X3. The former company is known to be the biggest in terms of Bitcoin mining and the largest producer of ASIC chip.

Comment of Riccardo Spagni, the Monero creator

The development caused fear among the members of the community that in case the product experiences a mass adoption, then certainly, Monero [XMR] would be centralized. Thus, the founder of Monero, Riccardo Spagni, would go to any extent and "do everything in his power" just to oppose the proliferation.

In April 2018, 50-60 percent of hashrate of Monero [XMR] has experienced an upsurge. For this rise in hashrate, Bitmain was held responsible for carrying out mining activities, secretly. However, most of the people echoed the same tune that the secret mining activities were done by Botnets and that the manufacturers cannot be associated with such acts.

See also: Symantec's dramatic step mining Monero establishes the needless expense of crypto mining 

The creators of crypto botnets can generate millions by attacking and infecting the devices secretly all over the world. The prevention to such resistance is undertaken by Monero's execution of new strategy. The newly framed strategy is known as Anti-ASIC Hard Fork or AAHF that alters the mining algorithm present on the blockchain such that the old fails to conduct mining, effectively.

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