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- Monero mining hashrate has dived, falling from 2.9 gigahash on May 29th to 1.78 gigahash on May 31st.
- This drop coincided with the commencement of “Operation Endgame”, the largest operation ever against botnets by Europol.
Recent data shows a significant dip in Monero (XMR) mining hashrate, signifying a major change in the network. In just two days, the Monero hashrate has fallen from 2.9 gigahash to 1.78 gigahash. This drop represents a third of its hash and marks its lowest level in three years. The drop coincided with the deployment of “Operation Endgame” by Europol, officially the European Union Agency for Law Enforcement Cooperation.
The European Union (EU) agency sought to attack and deter the so-called “droppers.” The “droppers” are malware used to attack systems. They refer to a Trojan horse that has been designed to install malware onto a computer.
Working with leaders from France, Germany, and the Netherlands, Europol has called this the “largest operation ever against botnets.” In total, the agency managed to close down 100 servers, confiscated over 2,000 domains, searched 16 houses a majority in Ukraine, and arrested four people. Additionally, eight cybercriminals are on the run with an investigation showing one of the main suspects earned at least 69 million euros in cryptocurrencies.
According to Europol, Monero (XMR) has helped facilitate these illegal operations due to its resistance to ASIC and GPU mining, making it particularly well-suited for cryptojacking. Cryptojacking allows bad actors to install mining software in unsuspecting users’ systems.
Additionally, Monero is well suited for money laundering due to its complex nature which makes it hard to identify and track transactions. Its standard anonymity has led the coin to become a favorite for illegal activity and led to regulatory scrutiny in recent times.
Because of the complexity of the Monero transactions, it remains unproven how much of the illegal activity involved the cryptocurrency. However, the drop in hashrate draws a lot of suspicion on the network and the corresponding coin.
Monero (XMR) Faces Uncertain Future
In the wake of the plummeting hashrate, Monero’s XMR continues to show strength. At the time of writing, the altcoin is trading at $164 after a 4% surge in the last 24 hours. This means that altcoin has extended its weekly gains to 17%, making it one of the best performers in the crypto market.
Ranked 45th with a $3 billion market cap, XMR is building strong bullish momentum. The altcoin which once ranked among the top 15 coins has struggled to keep up with its peers. Highlighting this is its failure to revisit its all-time high of $542 reached about 6 years ago.
Recently, Binance announced the delisting of XMR which raised great concern among investors. At the time, this led to a 23% plunge in prices. While there is still concern about regulatory pressure driving investors away from the digital asset, many remain hopeful that its success is guaranteed in a world increasingly requiring financial privacy.