Monero Hard Fork Executed to Resist ASIC Miners

A hard fork of Monero (XMR/USD) was successfully executed this morning. The upgrade took place at block number 1546000 at 08.20 UTC.

The cryptocurrency developers successfully completed the transfer to version 7 of Monero in an attempt to protect the cryptocurrency against ASIC miners.

Earlier this month hardware manufacturer Bitmain announced a new product, the Antminer X3 specifically developed to mine Monero.

Fearing mass use of the kind of ASIC offered by Bitmain would make the network more centralized by forcing small-time miners using home PCs and other devices out, Monero responded by including an emergency PoW adjustment in this week’s planned hard fork.

Another hard fork is expected to take place in the Monero network later this month. The MoneroV fork that was initially scheduled for March 14 will now take place on 1564965 approximately on 30th of April.

By Jade Olafson