So it been a couple of days of monero hard fork and its former hashrate has not returned. The hard fork was on 1546000 (08.20 UTC on Friday, April 6). There was a lot of time given for the miners to upgrade it tech. Yet it looking real bad.
Here is Monero hashrate right now.
See that huge dip. There is major speculation that Asic were running in secret before.
However it only been a couple of days so I'll give it more time(1 week).
Another reason of this hashloss could be that botnets have not upgraded it software or malware mining has been happening and connect to the chain anymore.
Source: https://bitinfocharts.com/comparison/monero-hashrate.html#3m
Maybe all of these factors are at play.
This is big news bc it shows how much real mining has been happening.
If after a week and Monero hashrate is not recovered it will send shockwaves in the crypto world.
If ethereum does hard fork to be asic resistant we might see a huge drop in hashrate as well, crying out load this year might be the year of forks but not bitcoin forks but forks to remove asics.
However Asic are not that bad!
In theory, Asics are better than Gpu and maybe more decentralized. Asic= consistent hashrate and loyalty to the chain. Asic mean that you are not into only for the money but to help the chain since you can only use the asic for that. In gpu you can switch any time to other gpu coins. Many gpu miners are into only for the money by using nicehash and auto switch pools. Asic are supposed to decentralized by the the fact more than one company are making them.
Right now the problem with Asic is that one company makes them-Bitmain. If Halong mining is one of the few key reason why bitcoin was against changing the algorithm. It might be one of the last test to show if Asic can truly be decentralized in theory.
I kinda like POS(crying out load bitcoin is going to use POS in its sidechain tech . )
But current POS has a flaw who know it could be made better. People are researching them. DPOS does look like one of the best types of POS
Currently POW is better in my opinion.
While yes POW does seems like an energy waste it not. This work is necessary to make the chain secure. In POS, the stakers who owns 10% of the supply will mint 10% of the supply, and won't cost them anything much.
In, POW you have to battle against everything. You have to buy new miners to keep up, pay electricity, cool the machines, buy new ones.
Pos makes it so that 51 attacks are harder bc they are little their investments on the line. Pow is somewhat even harsher. Not only will their rewards lower if 51% attack done, the coin down=machines useless. This is amplified by asic machines which effectively locks the minier rig to mine only that coin.
Pow can be improved even more by making useful mining aka finding primenumbers.
But I am disappointed none of the major crypto use useful mining :(
I hope it will be used one day. Scaling is more important!
And yes I might of copied and pasted some of my posts and comment to make this. Too lazy to type it out :)
So what do you think? Is Monero hashrate dropped because Asics have been removed or because people did not update their software? Do you agree this might be the year of emergency anti Asic hardfork if Monero hashrate does not return?
In my opinion, ASIC is a bad thing since it really hurts the decentralization and I respect Ethereum and Moneros approach, otherwise, they may end up like bitcoin with huge mining farms and nothing else...
Asic were supposed to decentralized by the fact their are more companies making miners thus creating competition bring prices down but there is a monopoly of asic right now. All coins POS and POW will get farms. POW with mining farms, POS with staker farms. DPOS avoids this issue with people voting on the stakers but is has the ability for large coin holders to have more control. Iota has everyone as a miner but they have yet to find a tech to decentralize the coin bc the coin with the centralization is subject to easy 51 attack. It ether need a special tech ro alot i meant alot of nodes more 200K nodes to be safe from 51 attack.
Btw ASICs seem very rigid and very special purpose. It wouldn't be possible to hijack the network unless the ASICs themselves got something snuck in them that an attacker would be able to exploit right?
I think a lower hashrate is not necessarily a bad thing. Could be that they may just need to make a difficulty adjustment to speed things along. As long as nobody can take over 51% and start producing bad blocks right....
Asic are really secure and won't affect the bitcoin network but asic can be affected themselves search up Antbleed. A lower hashrate is not a bad thing but it is worrisome to see how much hashrate is from non asic. Remember Bitmain released asic this year they could of been using Asics to mine before that.
I giving them one week and then restudy this issue.
this is baloney.. Antbleed was removed in a firmware fix back in April of 2017.. do a bit of research and you'll find the proof
You know you should be nicer when you say stuff? And second I said asic can be affected. Antbleed was an example. I never said it was in right now. Maybe you need to do more reading. Hmm..
maybe related to many ethereum miners joining monero due to high profitability at the moment...
https://steemit.com/monero/@themaex/moneros-hashrate-increased-by-48-in-the-last-48-hrs-after-recent-fork
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