Monero (XMR) Plan to Stop ASIC Mining with a New Fork in Progress

Fibo Quantum

  • Monero developers are working on a CNv4 fork scheduled to be released on March 9th
  • The ASIC centralizing crypto is becoming a menace to the crypto community
  • This fork is intended to counteract the impact of the ASICs

According to Monero’s representatives, the developers are working on CNv4 fork which is expected to happen at block 1788000 on March 9, 2019.

There will be no new features after the fork since it is in the o.13 branch. Therefore, the developers are calling out to their investors not to anticipate any advancement on this particular update as they are working to ensure a seamless hard fork.

Monero Illegal Mining and the ASIC Cause of the Fork

As reported earlier this year by BlockchainReporter, Monero was found to be the digital asset to have the highest crypto value that is mined illegally (which accounts to over 4.3% of its total mined supply).

On the same note, the genesis of the fork is also predicted to be due to the ASICs chips that are used in the crypto mining rigs. According to the Monero reps, they believe that the introduction of these fast mining chips has created a chasm, and an inevitable crypto issue bound to be addressed.

ASICs chips have brought more efficiency, proof- of- work tests, and consequently more bonuses to the miners. However, the ASICs chips are not available for low-level miners, and thus only big corporations and ‘professional’ miners use the system. The fact that most of the miners cant access ASICs chips easily means this is a crypto centralization concept which is contrary to the cryptocurrency principle of being a decentralized entity.

The Remedy for the Gordian knot

Monero is working on developing a unique system that will subdue the impact of the ASICs chips. This fork is expected to put an end to monero frequent forking; hence investors can use the system without the constant fear of ASICs creating double networks.

Monero plans to achieve this by modifying the centralization aspects of the miners that are easily manipulated. The change is set to improve the relationship between them (monero core developers) and the miners.

Final Thoughts

The crypto-community are gunning for crypto developers to get rid of the ASICs network and antics which is exactly what monero has done. It is no surprise that even the Grin community agree actions should be put in place to combat the influence of ASIC.

This is not the first time monero has reacted to an issue that threatens their crypto-existence. Last year on September, monero launched a malware response workgroup to tackle the rampant scams and attacks targeting the Monero community.