Monero(XMR) hard fork updated successfully, but the hash rate of the Monero network drops severely. According to a Reddit post, as a result of controlling the ASIC mining, the hash rate fell as much as 90% after the hard fork.
Activated on block 1788000, the network upgrade was live in such a way to introduce several new improvements like new block weight algorithm and an efficient RingCT format.
Features Of The Upgrade
One of the most important features of this upgrade v10 (Boron Butterfly) has been directing the Application Specific Integrated Circuits (ASICs) with Cryptonight-R PoW. According, to some reports the network has been occupied by ASIC miners again, this poses the risk of centralization where it is more prone to a 51 percent attack.
There was a problem with the new Monerujo v1.11.3 that made it stuck scanning, we figured it out. It was a config error that pulled old monero version into build. It’s fixed on hot v1.11.4 and available everywhere! #oops https://t.co/2C24VLzpKd— Monerujo (@monerujowallet) March 10, 2019
Basically, the hard fork implemented the CryptoNight-R algorithm which will disable all the ASIC mining software code, hence, preventing future mining through ASIC chips. Also, after this hard fork, the miners will update their mining software and equipment.
Monero’s war with ASIC miners has been going on for some time now. Last year, Monero released a software update. The hash rate had a similar drop last time also.
Similarly, on March 8th the Monero mining service ‘Coinhive‘, officially closed down its business about which the company reported at the end of February, stating that it isn’t “economically viable anymore.”
With a market cap of $835 million and price $49.61 Monero has been down as per the data provided by Coinmarketcap.