ASIC Miners Dominate Over 85% Of The Monero Network – Says Report

ASIC Miners Dominate Over 85% Of The Monero Network – Says Report

For a couple of years, a group of crypto miners have attempted to block the ASIC mining. They have worked tirelessly to forge all the protocols that are ASIC resistant. There is a host of crypto developers who have effortlessly tried to brick the ASIC miners, but they haven’t been successful. The Monero project is one of the perfect examples. This privacy centric digital currency has attempted to fork the software a number of times but with scant success. All these is done to attain an ASIC resistance. in a new report, it is clear that Monero developers have failed for another time. The report indicates that over 85% of the Monero network is taken over by the ASICs.

ASIC Miners Still Dominate Monero Despite All The ASIC Resistance

The Monero software was forked by XMR developers in April 2018. This was done to block firms such as Innosilicon and Bitmain from developing XMR-based ASIC miners. This resulted to the creation of three other Monero forks. Each of the projects, however, claimed to be the original version. In October 2018, Monero was forked for another time. this time it was with the aim of implementing Cryptonight Variant 2, which was less ASIC friendly. On February 7th, just few months later, an analysis of the XMR network was published by a researcher. The analysis gave details of how the protocol’s hashrates were dominated by the ASIC machines.

ASIC Miners Dominate Over 85% Of The Monero Network – Says Report

More About The Report

The ASIC miners, for a long time, have tried to hide. This, they do by copying nonce selection with patterns that look like those of non-ASIC machines. The April XMR fork resulted to one of the most controversial 4-way split. But later on, some of the most established companies rejoined the network in just three days. According to the report, the miners had learned the ways of obfuscating the nonce patterns. The ASIC miners, according to the report, had learned from their previous mistakes and opted to implement the random nonce picking. Further, the report also states that after the October 2018 fork, XMR developers succeeded with the new Cryptonight variant. However, the ASIC miners swiftly returned on the 31st of December 2018 near block 1,738,000. At the moment, the network hashrate has moved with 255% to stand at 810 Mh/s. This has occurred since the initial signs of the ASIC towards the close of December 2018, which is about 40 days ago.

More Unsuccessful Attempts For The ASIC Resistance

The Monero network is not the only one tha hasn’t been able to win the fight with the ASIC miners. In May 2018, the protocol of Bicoin Gold felt like they were under the threat of ASIC miners. This came after the creation of the Antiminer Z9 mining rig, an equihash based mining rig. The Bitcoin Gold network was later hijacked by 51% attack not too long after that. Zcash protocol is also another project that has really tried to avoid the ASIC domination. However, a research later on showed how 30% of the network was mined by ASIC machines.

February 13, 2019

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Samantha Mitchell

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