Monero will switch to RandomX algorithm to fight ASIC miners by the end of October

Monero (XMR) developers reiterated plans to move to a new proof of work (PoW) algorithm by the end of October. The algorithm, called RandomX, will hamper the use of ASIC miners.

For the first time, the plans of the confidential cryptocurrency development team have become known
in the spring. By the end of October, Monero is planning an update that will further simplify mining on the processor. As part of the changes, the current algorithm will be replaced with the new RandomX algorithm.

So far, the Monero developers have used the CryptoNight algorithm, which implies the implementation of a hard fork every six months. This was necessary to fight against ASIC miners. However, some members of the community have repeatedly noted that such an algorithm implies the existence of a certain degree of centralization.

After Monero turned off mining on the ASIC, some devices switched to other coins using the same algorithm. These include the Haven Protocol (XHV), AEON (AEON) and Bytecoin (BCN), as well as Electroneum (ETN).

At the same time, supporters of mining on ASIC believe that specialized devices make blockchains more secure. Mining on the processor, in their opinion, is less effective, and in the case of Monero, it can contribute to the growth of fraudulent mining through botnets.

Read This Now: Singapore leading restaurant chain begins accepting cryptocurrency payments

XMR is going through difficult times, and the upcoming update is regarded by many as a step back for a project that will provoke another failure in mining. The last few forks did not greatly affect the operation of the blockchain, but removed the coin from the equation of the rapidly developing mining industry.

Now XMR is trading at $ 53.58, which is far from its peak price of about $ 1,000, with losses much higher than most leading altcoins. Apparently, XMR may soon leave the top 15 largest coins by market capitalization. XMR’s privacy features are no longer the trump card of cryptocurrency, as most exchanges require
deanonymization and increased transparency of transactions after the release of new recommendations
FATF.