Monero anti-ASIC hard fork meets resistance, hash rate of new blockchain falls

The new ASIC-resistant blockchain of Monero has met a resistance itself - a part of the community decided not to support the new protocol update and continue to use the old protocol instead.

The divergence of these protocols can cause a confusion on which digital currency is real. At the press time, it is already commonly acknowledged that the real Monero (XMR) is the currency which has a blockchain with new measures activated, whilst the old blockchain and cryptocurrency are now called Monero Classic (XMC).

This segregation of the community has played a major role in the hash rate drop of Monero - in other words, the active mining community of this private cryptocurrency has dropped in size by 80%. This is almost certainly a temporary event: observers note that most miners might have not prepared for the hard fork.

As a reminder, the defense which underlies the new Monero upgrade is aimed to prevent the manipulative influence of mining whales with their powerful devices. Current problems of Monero have already been described in Bitnewstoday’s morning news video digest. One can see the video to get an even better understanding of the issue.

Image courtesy of Directioncrypto