Monero (XMR) was successfully hard forked on November 30th at block number 1978433. The fork changed the CryptoNightR mining algorithm to the new RandomX proof-of-work algorithm.
The main goal of the upgrade is to keep the coin decentralized by making Monero completely resistant to ASIC mining, but RandomX will Essentially moving XMR mining to the CPU.
What is the hard fork about?
As one of the top cryptocurrencies by market cap, Monero is currently one of the most popular coins due to its high level of privacy and technological advancements. The team behind Monero has consistently worked hard to decentralize XMR mining.
The previous mining algorithm, CryptoNightR, The first Bitmain ASIC miner for CryptoNightR has been developed. This will allow the Monero team to develop and implement a new RandomX algorithm to replace CryptoNightR. NSImprovements to the Monero network with a particular focus on decentralization and operations.
The key pillars of RandomX are:
- ASIC miners will be removed from the XMR network along with botnet and Monero mining malware issues.
- Long payment IDs will be phased out. call Tweet: “We will also phase out long payment IDs during this upcoming network upgrade.” In fact, Monero is improving the privacy and usability of its users by further protecting their privacy.
- A lock time of 10 blocks, which is approximately 20 minutes, is applied for incoming transactions, increasing privacy for the entire network.
- Transactions require at least two outputs to improve data protection.
Why is it especially important for CPU miners?
As the name suggests, RandomX provides memory hard technology to suppress random code execution and ASIC mining. However, ASIC miners are not the only ones affected by the hard fork. The new algorithm is specifically optimized for CPU mining.
The CPU-focused developers of Monero believe that “the network will become more decentralized and equitable in the distribution of block rewards”.
These recent changes are especially important for any laptop miner who has experienced a reduction in the efficiency of their mining hardware. For them, RandomX could be a real game changer.
RandomX CPU and GPU benchmarks are for reference only and are subject to various factors.
In summary, RandomX provides significant efficiency gains for CPU miners while significantly reducing the benefits of GPU mining. This is good news for both experienced miners who don’t like to spend a lot of money on specialized hardware, and newcomers to their mining careers.