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Monero profitability drops to new lows post-RandomX upgrade

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According to data from BitInfoCharts, mining profitability on the Monero blockchain has plummeted to new lows, showing returns that are lower than even those recorded between February and March, earlier this year. The chart also showed that profitability has been dropping since late June, marking an almost 87.4% drop in profitability since.

This drop in profitability followed a recent surge in Monero’s hash rate, which tripled in value after the network’s recent change in mining algorithm to RandomX to enable more efficient mining on general-purpose CPUs. Since the upgrade, profitability has dropped by 70%.

BitInfoCharts also showed that mining hash rate rose from an 8-month steady ~309 MH/s till just before the RandomX upgrade on 29 November, which caused it to rise to 950 MH/s over the next nine days. The has rate has since fallen to 898 MH/s, at the time of writing.

Less than a day ago, XMR contributor and moderator of the Monero subreddit, /u/asymptotically508, posted a PSA requesting the community to stop mining on the MineXMR and SupportXMR pools, all of whom are collectively responsible

for 68.2% of the mining hash rate.

Profitability has gone down from around $0.30 per day per KH/s to around $0.10, quite the opposite reaction to the March 2019 upgrade, which had also incorporated a change to the mining algorithm and caused profitability to rise by more than 4x following a 70% drop in hash rate. Similarly, in April 2018, Monero updated its proof-of-work algorithm, causing an 85.4% drop in hash rate and a 304% increase in profitability between the 6 and 8 April.

Though the price fluctuation of Monero since the upgrade probably has less to do with the decrease in mining profitability, it is notable that XMR has not risen beyond the $55 mark since 30 November, a day when it was valued at around $56.30, and has gone as low as $52 since then. If historical data is any indicator, it is likely that the hash rate will drop back down to normal levels in the coming days and weeks. Mining profitability, however, looks like it might only be able to recover through a bull run in the altcoin market.

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Monero’s biggest challenge going forward would be adoption

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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.

“Certainly, there’s

some security to be restored and faith to be restored with people after the hack […] but we want to make sure this doesn’t happen again and so rebuilding that for you that I think it’s going to be a big thing over the next couple weeks.”

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.”

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Monero’s ‘Fluffypony’ Talks On Crypto ‘Primetime’

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  • The well-known privacy coin Monero is notorious for being a unique cryptocurrency in a space filled with copycats and lookalikes.
  • When Fluffypony, otherwise known as Riccardo Spagni stepped down from lead maintainer position of the crypto project, the community began a debate between members. 

The well-known privacy coin Monero is notorious for being a unique cryptocurrency in a space filled with copycats and lookalikes. When Fluffypony, otherwise known as Riccardo Spagni stepped down from lead maintainer position of the crypto project, the community began a debate between members. 

Spagni’s position at the project has now changed to Snipa, adding that Spagni would “continue to remain active in the community as a maintainer,” according to an official announcement.

Spagni further went onto talk about his reasoning for stepping down in his position. The maintainer stepping down from such a position wasn’t just all of a sudden though. In fact, he has been thinking about it and talking about the matter for around two years.

“I’ve been going through this process of relinquishing

things, it’s not so much like relinquishing that entirely so if I had access to something, I’ve now added someone else to that thing you know whether it’s the domains or cloud play or whatever, there were people who could gain access to it.”

Fluffypony further went onto talk about where Monero was in terms of its status and whether it was ready for ‘primetime’. He then further added that there was a lot more work that needed to be done in regards to the UX.

“The cryptocurrency universe is not ready for primetime but I think that we’re getting close and I think if you look at like the Monero UX talk […] the work that’s being done on like Lightning wallets, we’re definitely getting better and better each time and with each iteration, with each passing year.”

It will be interesting to see how this situation plays out. For more news on this and other crypto updates, keep it with CryptoDaily!

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Monero’s Spagni: ‘Cryptocurrency universe is not ready for primetime’

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Monero, the largest fungible cryptocurrency, has been well-known in the market for taking a different route than most P-o-W coins. Riccardo Spagni, also known by the moniker Fluffypony, stepping down from the lead maintainer position had many community members debating.

The official announcement stated that Riccardo Spagni’s position has now been transferred to Snipa, adding that Spagni would “continue to remain active in the community as a maintainer.”

Elucidating on whether Monero was ready for primetime, Spagni also spoke about the reason behind stepping down from the position, in a recent interview with Monero Talk. The privacy advocate stated that stepping down from the position was not an out of a blue moment, adding that he had discussed on the matter two years ago. He said,

“[…] I’ve been going through this process of relinquishing things, it’s not so much like relinquishing that entirely so if I had access to something, I’ve now added someone else to that thing you know whether it’s the domains or cloud play or whatever […] there were people who could gain access to it […]”

Spagni further remarked this move contributes to decentralizing Monero, adding that there would not be a reliance on him for changes or for release engineering.

Subsequently, Fluffypony spoke about where Monero was on the digital cash status and whether

it was ready for primetime. He stated that there was still a lot of work that had to be done in the UX perspective, adding that this did not apply just for Monero but for the entire cryptocurrency universe.

“The cryptocurrency universe is not ready for primetime but I think that we’re getting close and I think if you look at like the Monero UX talk […] the work that’s being done on like Lightning wallets, we’re definitely getting better and better each time and with each iteration, with each passing year.”

This was followed by the co-founder of Tari comparing the present stage of the cryptocurrency space to that of the Internet in the early-mid 90s, remarking that using it back in those days was “terrible.” Nevertheless, he went on to state that compared to its early days, the present way the Internet is being viewed and used is completely different, with everything being just a click away on the phone.

“it’s a different world and the fact that we can Skype on like two different continents and it’s crystal clear, it’s just testament to how far the Internet has come past and I feel like, in a very real way cryptocurrencies like the mid-90s right now […] but you fast forward like five-ten years and things are gonna look totally different.”

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