The mining of different cryptocurrencies has seemingly never been more popular. Numerous projects have noted a sharp increase in the overall hashrate pointed at their networks.
In the case of Monero, a new all-time hashrate has been recorded in the past week. The previous ATH was recorded in April of 2018.
Monero Mining Remains Popular
Whereas most of the top mineable cryptocurrencies rely on powerful equipment to secure the network, Monero does things differently. It is one of the few ASIC-resistance altcoins still on the market today. This is a deliberate choice by the developers, and a decision well-appreciated by the XMR community.
Due to being ASIC-resistant, mining Monero is a bit different. It is accessible to anyone with a computer. Users can opt to mine with their CPU or GPU. All-purpose CPUs perform a lot better since the RandomX upgrade.
However, they will not see a major leg up over other miners by simply using the most expensive hardware either.
The underpinning mining algorithm for Monero is very intensive. As such, a powerful CPU, GPU, or combination will not make a very big dent on their own. With multiple of those machines at one’s disposal, the difference become more visible.
It is evident that this is a currency to be mined together with as many other people around the world. In terms of decentralization, that is a far more favorable approach.
Thankfully, there are plenty of official mining pools to choose from. Statistics indicate that MineXMR, SupportXMR, F2Pool, NanoPool, and XMRPool are the ones with the most activity right now. There are plenty of other pools to help distribute the overall XMR hashrate, however.
The Hashrate Spike
In a recent update, the Monero developers introduced a new mining algorithm. Known as RandomX, it is another step toward continuing the push for ASIC resistance. It has proven to be very beneficial to miners, as the hashes are calculated very differently compared to the previous algorithm.
All-purpose CPu mining has noted a healthy increase in how hashes are calculated. GPUs, on the other hand, have remained either the same or saw a decrease in performance.
Due to being more “accessible” to miners with all-purpose CPUs, the chart above makes a lot of sense. The hashrate has shot up from 300 Megahash to 750 Megahash per second on December 1st. Ever since, it has continued to climb and now sits just below 1.2 Gigahash per second.
A few days ago, a new all-time high of 1.2278 GH/s was reached. It is a level that can be attained again without too many problems. With this increase in hashrate, Monero appears to be in a good place. The introduction of RandomX has been beneficial in many different ways.