On March 9, Monero (XMR) network was successfully upgraded via a hard fork. The new code curbed application-specific integrated circuit (ASIC)-powered mining with a new proof-of-work (PoW) algorithm. Additionally, new dynamic block size algorithm and improved privacy — which is considered to be Monero’s key feature — were introduced.
Once the ASIC miners were taken out of the equation, the network’s hash rate dropped over 80 percent — which, however, might be positive for the cryptocurrency in the long term.
Continue Reading on Coin Telegraph