As many of you are aware, there was a fork in the Monero code, referred to as V0.12.0 “Lithium Luna” on April 6th. As thus, the original CryptoNight algorithm (now referred to as CryptoNightV0) was altered to, among other things, neutralize all ASIC hardware mining the original Monero blockchain. The new mining algorithm is now referred to as “CryptoNightV1”.
UPDATE (June 10th 2018):
This is the final call for your Monero hashpower transfer. We are extending the opt-in deadline to June 20th 2018 this one last time.
Please head over and login to your account to opt-in to the transfer now! The deadline for the Opt-In is now June 20th 2018, after which you won’t be able to transfer your hashpower anymore.
For all users that already have opted-in: Your settings are saved and your hashpower will switch around June 30, 2018 at which date you will be again be able to natively mine Monero (XMR) for the rest of your contract period and receive three additional months of mining for free.
– Your Genesis Mining Team
As with any cryptocurrency protocol, necessary changes and updates need to be conducted and as such, the general market landscape is constantly evolving. Shortly after the fork, Monero’s global hashrate dropped by almost 80%, due to a lot of miners who were utilizing ASICs, dropping out.
Depending on the efficiency of the setup, miners had the chance to redistribute this hashpower to other Cryptocurrencies based on CryptoNightV0, e.g. Electroneum (an earlier Monero fork), which we’ve added to the user mining allocation at the time. However, on May 30th 2018 the Electroneum developers are also initiating an ASIC-resistance fork.
We generally don’t state in our contracts what hardware we offer for mining because its usually public knowledge and mining devices, like GPUs or ASICs, can be bought by anyone. Our contracts only represent the value of hashrate that is purchased for each algorithm. We understand that this led to some confusion and frustration for our CryptoNight users, as they were not able to continue mining the original Monero algorithm.
When we offered CryptoNight contracts, the available pricing was aligned with our optimized ASIC hardware setup for the benefit of our users. As the majority of our CryptoNight customers was mining Monero, but the hardware became obsolete with the fork, we decided to build new compatible infrastructure with GPUs to once again enable everyone to participate in native Monero (XMR) mining.
As a service provider and company, our mission is to deliver a highly reliable and scalable infrastructure platform that powers the cryptocurrency and blockchain industry, while adhering to the principles of the ecosystem that enables everyone, including our users, to thrive.
We endorse the approach of all developers to keep the mining of Cryptocurrencies, such as Monero, decentral and fair.
To affirm our pledge to these principles and our users, we’ve already started building up new GPU capacities. All our Monero users will be able to transfer their current CryptoNightV0 hashpower to CryptoNightV1, the original and updated Monero mining algorithm in a 1 to 1 ratio.
This update is scheduled for approximately June 30, 2018, on which date you will be able to natively mine Monero (XMR) for the rest of your contract period. Plus, every XMR user will receive three additional months of mining for free to compensate for the switchover time frame.
As CryptoNight user, you will find a popup in the next 72 hours on your next login to the account dashboard, in which you can opt-in to the hashpower transfer until June 10th, 2018. If you’re currently mining Electroneum (ETN), it will be switched to AUTO as a substitute cryptocurrency for it is implemented.
Until all Monero users have been given the chance to transfer their hashpower by the June 30th Deadline, we will not be adding more mineable Cryptocurrencies for the old CryptoNightV0 algorithm, besides Monero Classic. All current CryptoNight customers will receive an email with detailed instructions about this process as well.
We want to thank you all for sharing your thoughts. As always, your feedback and interests are what drive our service decisions in this emerging market. We are committed to continuously improving our service.
– Your Genesis Mining Team