Monero Hash Rate Remains Low After Hard …
Monero Hash Rate Remains Low After Hard Fork
The computing power of the Monero network decreased by 80% immediately after the cryptocurrency developers carried out an urgent hard fork to counter the ASIC miners, and remains at this level for the time being.
As a result of the hard fork, the network hash rate fell from 1,030 Mh / s to 157 Mh / s, after which it partially recovered to the level of 270 Mh / s.
The computing power of the network is currently equivalent to the values of November / December last year, when 1 XMR cost about $ 100, after which it peaked at $ 460. The network hash rate soared in a similar way, however, despite the subsequent decline in the price of the cryptocurrency, until recently it did not show such drawdowns..
Observers are at a loss as to the nature of this decline. Some even speculate that botnet operators that infect computers of network users and use their computing resources to mine Monero have failed to update their software in a timely manner..
At the same time, the Trustnodes portal notes that there is evidence that a significant part of the missing hash rate, if not all, came from ASIC miners. This is evidenced by the fact that the computing power has not disappeared completely – currently, the hash rate of the old Monero blockchain (Monero Original) is 870 Mh / s, which is exactly equivalent to the missing hash rate in the new blockchain..
On the other hand, it is difficult to understand how botnets in 2 months could grow so much as to get 80% of the network hash rate, which again speaks in favor of connecting ASIC miners in November / December last year.
In any case, I wonder how the price of the cryptocurrency will react to the fact that its network has become 80% less secure. So far, XMR is following the general trend and repeating the movements of bitcoin. However, the network hash rate parameter affects the limit to which the value of its cryptocurrency can grow, since the cost of re-spending the transaction depends on it..
“In the case of Monero, it’s probably safe to send $ 1 million, think about sending $ 10 million, risk spending $ 100 million, but $ 1 billion will almost certainly be re-spent,” writes Trustnodes.
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