- Monero’s hard fork was implemented successfully according to the developers, yesterday, December 1, 2019.
- With RandomX, the Monero developers are striving to make Monero’s Proof of Work (PoW) more resistant to ASIC mining.
As CNF reported in October, Monero’s hard fork was scheduled for block 1.978.433. The upgrade is intended to make Monero more resistant to ASIC mining. This task was accomplished by implementing the RandomX algorithm which replaces the CryptoNight algorithm that was previously used.
This previously used algorithm was considered ASIC resistant for a long time until the first Bitmain ASIC miners for the CryptoNight algorithm were developed in early 2018 and entered the XMR network. As a result, in April 2018 and March 2019, the Monero developers made changes to the Monero mining algorithm.
However, ASICs were still a problem for the Monero network. As a result, the Monero developers decided to introduce a completely new mining algorithm, RandomX. With it, the Monero network is supposed to be finally free of ASIC miners.
RamdonX algorithm successfully implemented
As early as 24 October the preparations for the hard fork began. During the last test phase CLI v0.15.0.0 Carbon Chamaeleon was released. Furthermore the Monero team conducted a live streaming with the community before the update.
Riccardo Spagni, Monero’s head of maintenance, said that the update will be a new milestone in improving Monero’s network with special emphasis on its decentralization and operation. The RandomX algorithm was audited by four independent teams in its test phase and is expected to bring positive changes to the cryptocurrency.
The scheduled network upgrade went successfully! ?
RandomX as well as multiple privacy improvements are now live!https://t.co/y59cuDtBvo
— Monero || #xmr (@monero) December 1, 2019
Monero on the black list of crypto exchanges
The Monero community has taken a some hard blows in the past months when major crypto exchanges announced that they will stop supporting Monero on their platforms. Because of the intrinsic nature of the cryptocurrency, the exchanges argue, that it is susceptible to being used for money laundering and other illicit activities.
BitBay was one of the exchanges that you recently announced that they will stop supporting Monero. The BitBay schedule is as follows:
- 29.11.2019 – End of XMR deposits support and XMR withdrawals for the time of the XMR network,
- 19.02.2020 – End of trading XMR support and orders cancelation,
- 20.05.2020 – Deadline for XMR withdrawals.
The measure responds to non-compliance with the Financial Action regulations that became effective in the second half of this year.
The price of Monero is $ 54.33 USD with a slight gain of 1.41% in the last 24 hours. The update could have a significant impact in the coming days. However, we will have to wait to see what Monero’s future performance will be.