Monero (XMR) network hash rate has recorded a new all-time high as it reached a high of 1.1358 GH/s.
Recently, the Monero network upgraded the RandomX consensus algorithm. It shifted its Proof-of-Work (PoW) consensus algorithm in order to crack down the specialized ASIC miners. Shortly after this upgrade, the hash rate of the Monero network skyrocketed and set an all-time high of 1.1358 GH/s as the BitInfoChart data reports.
In the past, mining decentralization has been affecting the value of the hash rate of the Monero network. Monero hash rate went down by 80% in the month of March when the XMR network held a hard fork for the sake of ASIC mining because the crypto mining machines were not working. So it caused a decrease in the value of hash rate.
But this upgrade and shift of PoW consensus algorithm have lifted the hash rate value up. Tevador, the XMR contributor said that the hash rate of the network should have changed after the hard fork. He commented:
Saying that the hash rate of Monero “skyrocketed” or “tripled” has about the same information content as saying that the prices of groceries in Germany halved after switching from the Deutsche Mark to the Euro. Just like you can’t directly compare prices in different currencies, you can’t compare hash rates of different algorithms.
Tevador also pointed out the security of the Monero network. He said that the security of XMR network is very much secured to the external attacks as it was secure with CryptoNight.
He further said that RandomX requires more power and high memory therefore it makes the crypto mining much harder. It can be detected that whether a user is mining or not with the help of a tool known as RandomX Sniffer.