Monero’s Scheduled April 2018 Hard Fork Successfully Implemented

On April 6th, at 16:44:02 UTC (block 1546000), the privacy-oriented cryptocurrency Monero successfully performed its scheduled hard fork. Which, among other updates, hardened the cryptocurrency against ASIC miners.

As a result of the PoW change, various forks have appeared that intend to maintain the old blockchain, stating that the existence of ASICs for the cryptocurrency is good.

ASIC Resistance

The Monero community first began to suspect that an ASIC was in play in January, when the hashrate began to increase rapidly. Though at the time, the Monero community believed that developing an ASIC for CryptoNote would be prohibitively expensive.

Monero reported hash rate – bitinfocharts.com

The suspicions were proved correct when Bitmain announced its AntMiner X3 ASIC in mid-march alongside other ASIC announcements. Though these announcements occurred not long after the Monero team announced that it would be changing the PoW algorithm to set back any ASIC miners.

Other features added

One of the notable changes made over the hard fork is support for the ledger nano hardware wallet. Otherwise, sub-addresses and multi-signature wallets were added to the reference wallet.

You can read the full changelog on the Monero team’s blog post.

Results

While the full extent of the hashrate drop is still unknown, the difficulty algorithm has begun to lower the difficulty. At the time of writing, monerod reported a network hashrate of 645.63 MH/s and a difficulty of 77475745059. It is expected that the difficulty and therefore reported hashrate will have normalized around block 1546720.

Armin Davis

Armin is a cryptocurrency mining and computer security enthusiast. Writing is fun too.

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