RandomX, new Monero mining algorithm which eliminates the profits of ASIC-based mining, has been implemented recently. And its hash-rate has surged up by 186%!
Monero (XMR) has once more reaffirmed its commitment to the idea of decentralization as new mining rules have narrowed the advantages for having expensive mining hardware.
New Rules, Hash Rate Nearly Triples
The hash rate for Monero experienced a 186% spike after the token team upgraded its network with the implementation of RandomX’s mining rules. The hash rate is the number of hashes (secret numbers) calculated (solved) by computers mining in Proof-of-Work (PoW) blockchains like Bitcoin (BTC) or Monero. The hash rate’s indicator is sometimes dubbed as the “difficulty of the system”.
Prior to the upgrade, the hash rate for some was at 309 MHash/s. Seven days later, the hash rate reached 952 MHash/s. This is the third spike for Monero’s hash rate as the two previous spikes occurred in March 2018 and April 2019.
Image by: https://bitinfocharts.com/en/comparison/monero-hashrate.html#3m
This outbreak was caused by features of the new
Monero executes such upgrades every six months, slightly customizing the algorithms. Therefore, miners that try to corrupt decentralization are losing catalysts to buy expensive hardware. At the same time, the majority of AMD and Intel CPUs that have been made since 2011 are efficient with RandomX.
Will the Price also Increase?
Despite this upgrade, the price of XMR remains stagnant as it has been hanging around $54 USD/XMR for last few weeks. On the day of the network upgrade, the coin’s value decreased to the $53 USD. This suggests that the price of the Monero token follows the overall trends of other altcoins. However, this particular cryptocurrency has been plagued by delisting from some of the exchanges.
Monero Price Prediction 2020 | 2025 | 2030 – Future Forecast For XMR Price
When Monero launched, conversations around Bitcoin’s on-chain privacy features caused a spree of privacy-focused projects to enter the digital asset market.
Originally named Bitmonero, Monero emerged as a privacy-focused cryptocurrency based on CryptoNote, a reference implementation for new altcoins many of which were later exposed as fraudulent projects. Monero’s payment anonymity has garnered significant attention from a panoply of crypto-curious persons.
Monero runs a proof-of-work algorithm called CryptoNight, which is friendly toward CPU and GPU mining. New blocks are added to the chain on average every two minutes.
Mining difficulty adjusts after each new block. Monero’s privacy enhancements come from CryptoNote which masks sender identities via ring signature mixing and offers single-use keys to make transactions untraceable.
XMR Roadmap for 2020
There is no real roadmap, because Monero is a working product trying to adopt new tech as soon as it is usable and safe to use.
Official roadmap of Monero is pretty scarce with information, they listed only two items on their to do list: Second-layer solutions for speed and scalability and Additional MRL research papers.
Second layer solution is the open-source project, called Tari, will make it possible to program and issue non-fungible assets like loyalty points, in-game items, and concert tickets over the blockchain. The tokens will function similarly to ERC-721 tokens in the ethereum network (e.g. CryptoKitties), enabling users to take ownership of unique digital assets.
“Tari will fundamentally change the way we interact with digital assets,” said co-founder Naveen Jain. “We are building an amazing team to steward the most useful decentralized platform in existence, empowering anyone to issue, manage, use and transfer their digital assets.”
Though not the first project to use blockchain technology to allow users to trade digital assets, co-founders Jain, Riccardo “fluffypony” Spagni, and Dan Teree claim that it is the first to be optimized for this specific use case, making it ideal for businesses who desire to use it at scale.
Tari will be structured as a sidechain to the main monero network, enabling users to merge-mine its token with XMR.
General Market Movements and Sentiment Shift
The downfall of altcoins that were mainstream media darlings at the start of the year, XMR among them, can be attributed, in part, to novice investors getting scared off once the bear market kicked in with a vengeance. Every resurgence of bitcoin in recent period, was met with the, for the most part, inability of altcoins to rally with it. Reason for that can be rookie investors learning from their mistakes, while smart money that was previously watching from the sidelines has begun to enter into bitcoin.
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These entities weren’t about to buy BTC when it was trading at an all-time high, but they’ll take a look now, having missed the boat the first time around. None of them, it seems, are interested in altcoins however, despite the fact that many are trading at a 5x discount. Institutional investors may be cautious, but they’re not foolish.
Some altcoins will continue to have some speculative value for the foreseeable future. But just like the now infamous tulips, the hysteria will eventually subside. We are already witnessing the first phases of that slide and even though most of the bag holders react emotionally to articles that criticize their coins, I am just observing the developments on the market. You better start emotionally detaching yourself from your “great sounding” coin because if goes nowhere, ideas are worthless without execution and real users that see value in the project.
Our XMR Price Prediction for 2020
XMR , as the rest of the market, is tied at the hip of bitcoin’s price action. If bitcoin embarks on another bull run, XMR can hope for one as well. Since that is very unlikely, don’t expect much to change for XMR price-wise in this year. So 2019 will be a year of boring sideways action with minor bitcoin ignited jumps and slumps.
The main currency in cryptocurrency markets is Bitcoin and given this, altcoins tend to fuel Bitcoin runs and Bitcoin tends to do the same in return. Given this relationship, Bitcoin price movements (or lack thereof) tend to effect altcoin prices.
When Bitcoin goes up swiftly, it will likely:
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- Suppress or depress altcoins as money flows into Bitcoin;
- Or, take altcoins along for the ride
In cases when Bitcoin plunges, it will likely:
- Depress altcoins as money flows into fiat;
- Or, cause altcoins to boom as money flows into them, but this is rarely the case.
When Bitcoin moves sideways, it will likely:
- Cause altcoins to mimic that as traders wait for a clear sign on the direction of the market;
- Or, cause altcoins to flourish as traders look for returns in altcoins and try to get favorable trades in terms of BTC pairs.
To summarize, Bitcoin is the focal point of the crypto market in many ways, and with BTC trading pairs on every exchange, the gravity of Bitcoin is hard to evade.
The majority of projects will fail — some startups are created just to gather funds and
Vitalik Buterin, co-founder of Ethereum said:
“There are some good ideas, there are a lot of very bad ideas, and there are a lot of very, very bad ideas, and quite a few scams as well”
As a result, over 95% of successful ICOs and cryptocurrency projects will fail and their investors will lose money. The other 5% of projects will become the new Apple, Google or Alibaba in the cryptoindustry. Will XMR be among those 5%?
Monero has stood the test of time. It’s growth over the last few years has been consistent (200-fold growth) and likely to continue in the middle to long term.
From an investment perspective, even if you personally do not require privacy and anonymity in your transactions, it is undeniable that a significant chunk of the world’s market desire it. This makes investing in Monero a fairly obvious decision.
Monero has been gaining wide acceptance in privacy-centric sectors – which also includes controversial platforms such as websites on the darknet. This raises some concerns around Monero’s acceptability in the long term and whether it’ll face regulatory hurdles. But on the other hand, it is also a sign of its prowess as a privacy-centric coin.
With many other mainstream brands also beginning to accept Monero, its future does look bright. Its developers have exhibited solid dedication to the project, with frequent updates and efforts to keep the network thriving and secured.
All of this summed up means one thing: XMR might live through couple of orchestrated and, for a regular trader, completely unpredictable pumps but the majority of time will be murky sideways trading with small volume and no significant interest from the market.
Price will heavily depend on what BTC will do and since many analysts think BTC will not be making big moves in this year, it is hard to expect XMR will do them either. The price will probably stagnate and record slow-moving depreciation or appreciation depending on the team activity, potential technological breakthrough or high-level partnership.
Market prediction for Monero XMR Price 2020
With the market being completely unpredictable, forecasting the cryptocurrency price is really more of a gamble and luck rather than a data driven guesstimate.
Let’s throw a glance at the eminent publications and personalities, and their predictions regarding the XMR price, which will give us another point of view to consider:
Walletinvestor is a popular website that does technical analysis-based price predictions of various cryptocurrencies. According to them, XMR is expected to drop heavily to $13.38 in one year.
It is a forecasting agency which is specialized to predict the financial market, which has even predicted more than 100 cryptocurrencies. LongForecast predicts that Monero might be in the range of $554-$638 in April 2020 and go up to $810- $945 by December 2020.
Trading beasts display that Monero can reach around $200 by 2020.
Profit Confidential shares the prediction data based on factors like the current market trends, the technology, and the team. They predicted that Monero might soar up to $350 by the end of 2020.
Cryptoground predicts that XMR might rise to $118 by the end of 2020. They even added their version of XMR price prediction 2024, where they stated that XMR might reach $496 by 2024.
Digitalcoinprice gave a slightly positive prediction saying that by 2020 end, XMR might be just 30-40% more valuable than now – $87 per coin.
XMR Future: 2023, 2025, 2030
XMR Price Prediction 2023
Monero (XMR) is the leading privacy coin with significant brand and community size advantage over its competitors. However, holders can expect a regulators’ onslaught on Monero which is a problem and a compliment at the same time: XMR privacy is untraceable for them which makes it a primary target for banishing. Should Monero developers keep working on the project despite possible legal trouble, XMR is bound for price rise in 2020 – reaching its old all time high of $495 is highly likely.
XMR Price Prediction 2025
If XMR survives to see 2025, that would mean people became more aware of importance of privacy and defiantly use XMR which would all lead to the token being worth at least 10-100x than its hitherto all time high. That would mean XMR would cost $4500+ per coin.
XMR Price Prediction 2030
Similarly, if XMR survives to see 2030, that would mean people became more aware of importance of privacy and defiantly use XMR which would all lead to the token being worth at least 100x than its hitherto all time high. That would mean XMR would cost $5000+ per coin.
Realistic XMR Price Prediction
Realistic XMR Price Prediction
Predicting prices of novel, highly volatile and risky asset classes is a thankless task – best answer is no one knows. Educated guess is that realistic XMR price for the foreseeable future is somewhere between its current price and its all time high.
BEWARE OF MICROSOFT WINDOWS MALWARE, WARNS SINGAPORE REGULATORS
- Windows-Based Banking Machines Pose Risks for Attack
- Microsoft Windows 7 Holds Biggest Risk of Mining Malware
- Monero Mining Loses Profitability
The Monetary Authority of Singapore (MAS) has recently issued a warning to financial institutions after 4 high-risk bugs were found in Microsoft’s Windows system.
WINDOWS-BASED BANKING MACHINES POSE RISKS FOR ATTACK
The Monetary Authority of Singapore (MAS) has warned of critical risks to legacy financial systems after Microsoft announced a patch of 49 bugs found in its Windows 7 system. The 4 main vulnerabilities, CVE-2020-0601 CVE-2020-0609 CVE-2020-0610 and CVE-2020-0611, affect all Windows users. It has been urged that all users update their systems with this latest patch.
The Cyber Security Agency of Singapore (CSA) outlined the severity of these vulnerabilities, according to an article by CIO.
… successful exploitation of CVE-2020-0601 vulnerability could have allowed attackers to conduct man-in-the-middle attacks and further decrypt confidential information on user connections to the affected software.
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If the other three vulnerabilities were successfully exploited, attackers could perform remote code execution and take control of the affected systems. With these controls they can perform malicious activities, unauthorized installation of programmes. Further, they could have created rogue administrator accounts to view, change or delete data.
So far, Windows-based systems have not exposed private keys, but the threat lies in using veiled Monero mining software. Examples include .wav files, as well as .jpeg. In one of the latest cases, a Taylor Swift photo was used to deliver a malicious payload.
MICROSOFT WINDOWS 7 HOLDS BIGGEST RISK OF MINING MALWARE
But with more recent versions patched, Windows 7 usage remains one of the big risks. Daniel
“The risks are crazy high to organizations facing this WAV-based attack if they are running a Windows 7 system after EoL,” Goldberg said for Forbes, “…before the quarter is over, there will be other vulnerabilities discovered in Windows 7 too that will not be fixed by Microsoft and will also be easy to exploit.
The chief advice to mitigate the risk is to leave all Windows 7 machines offline, if they are critical. Exposure to the Internet means the machines can be exploited.
In a more recent Forbes article, Microsoft has released a statement advising 400 million of its customers to buy new PC’s instead of updating their existing Windows 7 software.
MONERO MINING LOSES PROFITABILITY
While crypto mining Monero is becoming increasingly less profitable, it may have a positive impact on the level of malware that’s distributed over the course of this year. In 2020, the relatively low price of XMR coupled with an altered mining algorithm, may mean that malware attacks become less popular. Even large botnets running mining software will likely struggle to make decent returns. With XMR at around $64.68, previous incentives to mine are starting to diminish.
Additionally, in the past the Monero network has shown high mining activity, which turned out to belong to specialized rigs. Currently, it is uncertain what causes the record levels of Monero mining, which is now amenable to some of the new and fast generations of processors. The Monero network hashrate is at 1.21 GH/s a small fraction of the activity for Ethereum (ETH) or Bitcoin (BTC).
Monero’s biggest challenge going forward would be adoption
While Monero is one of the go-to coins with respect to privacy, the leading cryptocurrency has, however, faced several hurdles over the past few years because of the same aspects. Alexander Blair aka Snipa, the lead maintainer of Monero, recently spoke about the challenges Monero would face going forward.
Snipa said that the biggest one would be the cryptocurrency’s adoption, adding that there would be competitors in the space and that it would be hard to get vendors to accept Monero directly, instead of through exchange-based services. He went on to say,
“It is still easy to buy things with Bitcoin if you’re not in the United States, but it’s not really in strengthening the cycle of the currency right. You’re just essentially using a third party cut out to hit an exchange versus actually using Manero and keeping Monero’s currency cycle.”
About Monero’s technical details, Snipa claimed that the team is currently looking into “figuring out repository layouts,” matters relating to maintenance, and aspects that the team has not looked into before.
Subsequently, Snipa also spoke about his views on the future of the cryptocurrency, whether he saw the coin rule the entire market. Snipa said that there is no one currency that would rule them all, adding that even in the sci-fi ideals of the world, “it’s not one currency, there’s always multiple currencies.”
“The idea that a single currency is going to be better than the rest is completely absurd to me […] Certainly, in some ways you can consider the fact that bitcoin is a transparent ledger where you can see how funds are flowing is actually a positive in a lot of use cases, it’s not a positive in every use case which is somewhere Monero shows off.”