Monero’s Hashrate Jumps 186% After Network Upgrade

Michael LaVere
  • Monero's hash rate skyrocketed following the implementation of the ASIC-resistant RandomX update.
  • XMR's price has stagnated amidst exchanges de-listing the anonymity-focused coin. 

Privacy-centric cryptocurrency Monero (XMR) has seen its hashrate rise exponentially following the RandomX update despite a lackluster movement in price. 

On November 30th, Monero’s community executed the implementation of its new proof-of-work algorithm RandomX. The update uses random code execution with memory-based techniques to slow down the efficacy of mining operations and make the coin resistant to ASICs. Following the update, the XMR network’s hash rate skyrocketed. 

According to data compiled by Bitinfocharts, Monero’s hashrate rose from 309 MH/s on Nov. 29, the day before the update, to 950 MH/s as of Dec. 7. Since then the network's hashrate dropped to 826 MH/s, which means the jump was still of over 180%.

XMR hasharate since JanuarySource: BitInfoCharts While Monero’s hashrate shows that miners are contributing to the network, the coin’s price has failed to reflect a similar appreciation. XMR’s price fell from ~$55 on the day of the update to its current value of $53.70. 

Despite the increase in hashrate, Monero’s RandomX update also had the effect of punishing professional crypto miners who utilize ASIC rigs on the work. The end result is a boost in recreational miners contributing to XMR’s network with traditional CPU in a bid to maintain the network's decentralization and stop large organizations of having too much control over the hashrate.

Monero, which is based upon user privacy and anonymous transactions, operates that ASIC mining contributes to centralization. However, the coin has also had to contend with a number of exchange de-listings as crypto trading platforms accommodate the Financial Action Task Force’s (FATF) controversial “Travel Rule.”

Featured Image Credit: Photo via Pixabay.com

Binance Futures Launching Perpetual Contract for QTUM

On Wednesday (February 19), digital asset exchange Binance announced that its futures trading platform, Binance Futures, which went live in September 2019, is launching a perpetual contract for QTUM (currently the 34th most valuable cryptoasset by reported market cap).

Here is how Binance Info describes QTUM:

"Qtum is an open source Blockchain project that is developed by the Singapore-based Qtum Foundation.

"Qtum is a hybrid blockchain application platform.

"Qtum’s core technology combines a fork of bitcoin core, an Account Abstraction Layer allowing for multiple Virtual Machines including the Ethereum Virtual Machine (EVM) and Proof-of-Stake consensus aimed at tackling industry use cases.

"We believe this will allow Smart Contracts and Decentralized Applications to run on a familiar foundation while offering a robust environment for developers.

"The underlying technology uses an 'Account Abstract Layer', which acts as a bridge between the EVM and the Unspent Transaction Output model of Bitcoin Core. There will be Oracles and Datafeed functionality, allowing developers to create Smart Contracts built around trusted sources of information."

Binance Futures' new product is being launched at 08:00 (UTC) on 20 February 2020.

According to Binance's announcement, "to prevent market manipulation, Binance will implement a pricing limit of ±1% on the mark price within the first 30 minutes after trading starts."

Also, it is worth keeping in mind that, as with the NEO/USDT perpetual contract, which was announced last Sunday (February 16), "perpetual contracts on Binance Futures are similar to the trading pairs on the spot market," and they are "priced and settled in the same manner."

Binance Futures users will be able to choose between 1x and 50x leverage.

Here are some of the main specifications for the contract:

  • Base Asset: QTUM
  • Quote Asset: USDT
  • Settlement Asset: USDT
  • Contract Unit: 1 QTUM
  • Tick Size: 0.001
  • Minimum Contract Qunatity: 0.1
  • Maximum Contract Quantity: 1 million
  • Base Initial Margin Rate: 2.00%
  • Base Maintennce Margin Rate: 1.00%
  • Liquidation Fee: 0.5%

The other 22 perpetual contracts being offered by Binance Futures are BTC/USDT, ETH/USDT, BCH/USDT, XRP/USDT, EOS/USDT, LTC/USDT, TRX/USDT, ETC/USDT, LINK/USDT, XLM/USDT, ADA/USDT, XMR/USDT, DASH/USDT, ZEC/USDT, XTZ/USDT, ATOM/USDT, BNB/USDT, ONT/USDT, IOTA/USDT, BAT/USDT, VET/USDT, and NEO/USDT.

Featured Image Courtesy of Binance