Anti-ASIC Miner Monero Community Announces New Mining Algorithm

The developers of privacy coin Monero have announced a new weapon in the fight against centralization. In collaboration with serverless storage protocol Arweave, the Monero team is validating a new ASIC-resistant mining algorithm, RandomX.

Monero Outreach said the new algorithm helps prevent Monero from being controlled by a few mining giants. Unlike other privacy coins such as Zcash and Dash, Monero developers are committed to making Monero viable for CPU mining, ensuring that anyone with a computer can help protect the network.
As Crypto Briefing has previously reported, developers often use hard forks to try to stay ahead of ASIC miner manufacturers. But these measures are only temporary and are unlikely to stop miner manufacturers like Bitmain.
RandomX generates a randomly changing code that ASIC miners cannot solve efficiently, rather than solving a set function for proof of work. Therefore, computer CPUs and GPUs are still the most efficient mining equipment.
“The idea of ​​RandomX is to require anyone who wants to build an ASIC for it to basically reimplement the entire CPU, thus limiting their performance to the performance of the CPU,” explained Howard Chu, who first developed the concept of randomly generated proof of work for Monero. “This will help everyday computer hardware mining to remain more competitive.”
Arweave’s distributed data storage technology will also benefit from the new algorithm, with greater security and fewer vulnerabilities. The distributed storage protocol uses blockchain -like technology to protect data without the risk of deletion or censorship.
“ASIC-resistant verification algorithms like RandomX will further enhance our permanent, low-cost, tamper-proof storage network,” said Sam Williams, CEO of Arweave. “RandomX helps us ensure that the power to decentralize content policy is well distributed across many globally distributed parties in the Arweave network.”
While it's unclear when or if the new algorithm will be implemented, developers say RandomX could offer clear advantages to both projects. "Distributing mining across many people and many computers makes the cryptocurrency hard ," said a member of Monero's core team who goes by the pseudonym binaryFate. "Monero is strong, and RandomX makes it even stronger, like tempered steel."
According to a new report released by Binance: Permanently kicking ASIC miners off the network will have some negative effects.
Binance concluded that “home” miners will not be profitable in Monero. This means that ASIC miners and automated mining farms are likely to continue to appear in Monero. If a mining algorithm is available, it will take some time for developers to design ASIC miners for it. The recent bull run in cryptocurrencies has also made cryptocurrency mining a more profitable product.
Because the hard fork has reduced the computing power of the entire Monero network, Binance is worried that Monero is vulnerable to a 51% attack. (Caiyun Blockchain )