A number of top cryptos have fully embraced the power of ASIC mining rigs, but the move has been rather controversial. ASIC rigs are more powerful and make it far easier to centralize the network – something privacy-focused cryptos like Monero vehemently oppose. In a bid to remain as ASIC resistant as possible, Monero planned a hard fork to adjust the mining algorithm in order to kick all ASIC rigs off the network in the meantime. The hard fork has been labelled a huge success as the network hash rate and difficulty level fell considerably in the hours after the hard fork.
An 85% Decrease in Hash Rate
On March 9th at block 1,788,000, the Monero blockchain hard forked to Boron Butterfly in a bit to rid the network of ASIC miners. Since doing so, the total network hashrate has fallen by a whopping 85%. Before the hard fork, the network hash rate was hovering around 948 MH/s, falling to a more reasonable figure of 144 MH/s in the minutes following the hard fork. If there was ever any proof that ASIC miners had taken over Monero – this hard fork data would be that.
Bulletproof Fixing Fees
On top of remaining ASIC resistant – and therefore more privacy-focused – Monero has been hard at work trying to reduce the transaction fees on the network – we all want cheaper transactions. In October last year, Monero once again underwent a hard fork to implement an upgrade called Bulletproof. This new system helped to cut transaction fees by a whopping 96%. Since then, Monero has gone on to achieve great things and is quickly becoming one of the most popular cryptocurrencies available on the market.
Monero Acceptance Growing
Aside from being a privacy-focused coin, many people are starting to use Monero thanks to the fact that they can take part in the entire Monero ecosystem. That’s right, with ASIC resistance, you can still mine Monero using your laptop or computer. This means more people than ever before are able to cash in on block rewards and fill their boots with Monero. To keep the momentum going, e-commerce stores around the globe have started to accept Monero as a form of payment. Earlier this year, the Fortnite merch store started accepting Monero, however it later came out that this was down to an error. Hundreds of stores allow you to pay in Monero, and with Bulletproof active, there has never been a better time to do so.
Monero is once again free from the centralization terror that ASIC rigs create, but it’s only a matter of time before developers create a new ASIC rig that will mine Monero on Boron Butterfly. As the network hash rate begins to climb higher, Monero developers will start to work on the next iteration of the blockchain in preparation for another ASIC miner purge. It’s an ongoing battle between the two parties with no clear winner in sight.