Monero (XMR) was initially released in April 2014 and was one of the first anonymous cryptocurrencies in the field. Since its launch, the Monero network has experienced many changes and updates, the most recent one taking place on 9 March 2019. Let’s have a quick look at what changed and what people need to do in order to continue mining the updated Monero.
One of the key premises of all hard forks up to this date has been to ensure the ASIC-resistance of the network, to make it possible for people without specific hardware to mine Monero. The best known anti-ASIC hard fork happened almost a year ago — in April 2018. This update resulted in the creation of 4 independent ASIC-friendly cryptocurrencies, which included the old version of CryptoNight. However, only 2 of them stayed alive for relatively long, and only one is still working and valuable.
The most recent hardfork is not introducing any new coins, but it is ushering in four major changes in the Monero blockchain:
- Dynamic block size algorithm: there will now be short and long term dynamic block size change, which will help mitigate against the so-called “Big Bang” attack and keep the network more stable;
- The third PoW tweak added – CryptoNight-R: this tweak is aimed at making the network ASIC-resistant, giving more value to miners with decent mining hardware;
- A dummy encrypted payment ID: this update seeks to improve transaction homogeneity;
- Amount commitments simplified: shrinking the size of amount encodings and using deterministic masks.
All these changes will bring the entire network more stability and scalability, to fit the community’s needs. The list of changes was discussed during the developer, community, and research meetings, making the final results a product of joint development between the Monero team and its community.
In order to keep mining Monero (XMR) after the recent hard fork, you need to download the update for your mining software (whichever you have been using before MinerGate — xFast, XMRig, XMR-stak or other).