XMR Mining Hashrate Exploding
I have been mining cryptonite coins for the past six months. Yet I consider myself a novice in cryptocurrency and mining. Though what I have experienced and info gathered in recent weeks is that cryptonite coins are harder to mine on cpu and gpu. So hard that I am getting less than 1/5 of what I got when I first started mining xmr with cpu. At first I thought it was a good thing to have rising hashrate, but now I conclude it is destroying the value of the coin because most of the distribution is going to fewer coin holders.
The rise in cryptonite hashrates is due to the ASIC miners that are compatible of mining cryptonite. This has been happening for weeks and maybe months as I have first hand experienced the drop of my xmr mining earnings. Look at the current global pools' hashrate distribution from https://Moneropools.com.
The sum of the hashrates although are not all pools it makes up for most net below ~150 MH/s. Yet the worldwide rate from whattomine:
Read that correctly? 1,000MH/s is overall rate. A graph from bitinfocharts helps looking at the history to the hashrate.
VoskCoin has come out with a very informative video regarding the recent hashrate boost.
The xmr developers have stated that any they will be reactive on ASIC mining but I wonder how much of it has flown under the radar. With little discussion if any regarding ASIC mining XMR there seems to a lot of hashrate coming online than ever before.
If indeed there are ASIC miners running to mine XMR then there are fewer users hoarding and earning the cryptonites coins. I am personally looking to find new algos to mine now with what little earnings I am getting with cryptonite and hope others are doing the same.
Thanks for reading.
