Monero (XMR) Upcoming Hard Fork | Everything You Need To Know
Monero (XMR) is scheduled to fork on March 9th 2019, here’s everything we know
One of the world’s most popular privacy cryptocurrencies, Monero (XMR) is scheduled to hardfork this month at block 1,788,000.
What is a Hard Fork?
To put it simply, a hardfork is a network upgrade, all blockchains run on a specific network and when the community believes there needs to be changes to the network, they hardfork the blockchain.
The success of a hardfork is measured by the number of miners that adopt the new protocol (network upgrade) and this can cause political issues within communities, for example with the Bitcoin SV/ABC hardfork in late 2018.
Upcoming Monero (XMR) Hard Fork
The upcoming Monero hardfork has one main motive, to hinder the use of ASIC miners on the Monero blockchain, this is after research from ‘MoneroCrusher’ highlighted that over 85% of the current mining activity on XMR is ASICs
ASICs (Application-Specific Integrated Circuit) are special miners that are mainly used for mining Bitcoin, they are more efficient than CPUs & GPUs as they allow the user to mine at a higher hashrate.
Below are the main features of the new hardfork in a nutshell as stated on GitHub
New PoW block weighted algorithm (more ASIC resistant)
More efficient RingCT format
What does this mean?
If the Monero (XMR) hardfork is successful, it is likely that the hashrate will drop significantly.
In short, this means that the difficulty of mining XMR will drop temporarily and non-ASIC miners will be able to mine more XMR.
But what about price?
As with many forks, the lead up to the hardfork causes a significant increase in price as many speculative investors purchase the coin that is hardforking to receive the ‘new’ coins.
Exchanges are yet to announce if they will be supporting the fork, this would be the main catalyst for a price increase.
This handy website gives you a countdown until the Monero (XMR) hardfork