Expert: new trend towards ASIC defense caused by mining whales

FXPro’s financial expert has shared his opinion on the latest news about the new cryptocurrency feature - ASIC defense. This measure has been introduced in Bitcoin Gold as one of the first working examples, but now even some other altcoins start to implement it. What has changed?

Alexander Kuptsikevich believes that the decision of developers of dissimilar Ethereum and Monero cryptocurrencies has the common reason. New efficient ASICs introduced by Bitmain are increasing the difficulty of mining. As a result, regular video cards and even mining rigs composed of several of them are becoming obsolete, leaving the majority with empty hands and putting the whole coin future in the hands of the shady rich miners. The press likes to call them “crypto whales”.

Realizing this situation, the developers of cryptocurrencies - one of which tries to be as transparent as it can be and engages in talks with serious financial organizations while another one is already being criticized by the Europol for its privacy features hampering work of the law enforcement - are preventing this the most simple and obvious way. The latter cryptocurrency Monero will now upgrade itself every 6 months to ensure that the mining decentralization does not become a concept of the past. The majority of Ethereum community has approved quite similar measures.

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