Dollars, Bitcoin, Euros, cash. There are countless ways to refer to the entity that makes the world go ‘round, and there are even more ways to measure its worth. Whether you are exchanging it for a roof over your head or the dinner on your table, money in its many forms is the centrally defining theme that connects the world and defines the quality of our lives.
This article aims to outline the situation of the Monero “RandomX” position while giving a perspective from our mining operation, how this affects us (including you) as miners, plus a plan of action that will follow. On November 30th 2019, the Monero Blockchain will fork again, and effectively switch the network’s underlying mining algorithm from Cryptonight-R to RandomX. The main goal of their update is, among other changes, to decimate all ASIC mining activity on the network in the name of decentralization. Mining will then only be possible via CPUs and certain GPUs.
ASICs, or “Application Specific Integrated Circuit” are computers that are created to serve a specific use case and task. For Cryptocurrencies, ASIC devices are designed to participate in the process of mining Bitcoin (or other cryptocurrencies). Bitcoin, being the largest cryptocurrency by hashrate (Almost 100 ExaHashes) and having true decentralized consensus (through worldwide mining operations), is an example of a cryptocurrency that cannot be considered ASIC-resistant.
What if you could use everyday computer hardware to make money while you slept? Wouldn’t you start right away?
I caught the cryptocurrency bug shortly after the launch of Bitcoin and became very passionate about mining after that. My interest grew to the point that it became a career, and these days I’m head of mining operations for Genesis Mining, one of the largest crypto mining companies in the world. …Read more
Last week, Facebook announced its own cryptocurrency called Libra. In this article, we are going to take a deeper look at Libra and what it means for the cryptocurrency space, as well as its users. …Read more