The privacy-based cryptocurrency Monero preformed a hard fork At block number 1546000 (08.20 UTC on Friday 6th of April). This was done in an effort to push back against the monopolization of mining hardware from companies such as Bitmain. There recently announced release of the Antminer X3 which was produced specifically to mine privacy based coins such as Monero poses a threat to the mining ecosystem. It was met with retaliation from the Monero Core team.
Developer Riccardo “Fluffypony” Spagni stated on GitHub.
“I will do everything in my power to help the community prevent the proliferation of centralisation-inducing ASICs on the Monero network.”
The effectiveness of the ASIC miner is set to be cut short with this most recent hard fork. As for the fork itself, its success somewhat shaky. Monero enthusiasts wait with baited breath observing the hash rate of the network to gauge adoption of the new blockchain.
The impact of the exclusion of ASIC miners has been felt across many different mining pools with a sharp drop in hash power, this could also be attributed to miners being slow to update software. For Now, there is likely to be a spike in difficulty as the hash rate and difficulty of the Monero block chain are thrown out of sync.
The Upgrade to the network is also set to increase the ring size from 5 to 7 this is done to strengthen the privacy coin and protect it from the scheduled hard fork and possible competitor MoneroV. The Cryptograph will keep you posted on any updates.