consequences of hardfork

Monero’s hashrate plummets 90% after hard fork targeting ASIC miners

The latest hardfork of Monero, which took place yesterday, is already seeing some consequences today regarding the computing power available for mining in the network.

It is quite evident that the hashrate of Monero’s network has taken a serious blow after the latest update, a circumstance which is clearly reflected with the following chart, extracted from 2miners:

As one of the major issues addressed by this fork is a change to a Proof of Work (POW) algorithm that enhances ASIC resistance on the network, it appears as if this might be the main reason behind the descend in hashrate on the Monero network. The official Twitter account of the token had already made a warning on this issue:

A Reddit thread titled “95% of Monero’s hashrate was Botnets FPGA and ASICS” is currently trending in the CryptoCurrency subreddit. There, many users are debating the latest downtrend in computing power. A clear predominance of Monero shilling can be seen across many posts, as in this occasion, it is important to remember that the hardfork and subsequent update had the curbing down of ASICS in the mining ecosystem of Monero: