The hash rate of Monero (XMR) cryptocurrency has surged up by 186% after the company has upgraded its network by implementing the RandomX.
It is reported that this quick rise in the hash rate of Monero cryptocurrency has come after the official team of Monero implemented RandomX in the Monero’s network.
The community of Monero updated its network on 30th Nov and upgraded it by implementing a new proof of work algorithm that is RandomX. This upgrade involves the use of random code with memory-based techniques in order to reduce the effectiveness of miner operations and to make the coin resistant to the ASICs.
Monero’s Hash rate jumps from 309 MH/s to 950 MH/s
Monero’s hash rate has risen up by 186%. Bitinfocharts data shows that the increase in the hash rate of Monero cryptocurrency started on 29th Nov the day before the network upgrade. According to this compiled data, the hash rate rose from 309 MH/s on 29th Nov to 950 MH/s on 7th Dec.
This quick rise in the hash rate of Monero points out the work of miners. It means that miners are still contributing to the Monero’s network.
Though the Monero cryptocurrency has seen improvement in the network hash rate, its price could not show such a performance. On the day of the network upgrade, the price value of the coin decreased down from the point of $55 to the $53 mark.
Monero’s RandomX update also affected the professional crypto miners who make use of ASICS on the work. Miners contribute to the XMR’s network and maintain the decentralization of the network.
The coin has been delisted by some crypto exchanges. This delisting affected the price value of the anonymity focused coin and the price could not show a good performance.