So it been a couple of days of monero hard fork and its former hashrate has not returned. The hard fork was on 1546000 (08.20 UTC on Friday, April 6). There was a lot of time given for the miners to upgrade it tech. Yet it looking real bad.
Here is Monero hashrate right now.
Source: https://bitinfocharts.com/comparison/monero-hashrate.html#3m
See that huge dip. There is major speculation that Asic were running in secret before.
However it only been a couple of days so I'll give it more time(1 week).
Another reason of this hashloss could be that botnets have not upgraded it software or malware mining has been happening and connect to the chain anymore.
Maybe all of these factors are at play.
This is big news bc it shows how much real mining has been happening.
If after a week and Monero hashrate is not recovered it will send shockwaves in the crypto world.
If ethereum does hard fork to be asic resistant we might see a huge drop in hashrate as well, crying out load this year might be the year of forks but not bitcoin forks but forks to remove asics.
However Asic are not that bad!
In theory, Asics are better than Gpu and maybe more decentralized. Asic= consistent hashrate and loyalty to the chain. Asic mean that you are not into only for the money but to help the chain since you can only use the asic for that. In gpu you can switch any time to other gpu coins. Many gpu miners are into only for the money by using nicehash and auto switch pools. Asic are supposed to decentralized by the the fact more than one company are making them.
Right now the problem with Asic is that one company makes them-Bitmain. If Halong mining is one of the few key reason why bitcoin was against changing the algorithm. It might be one of the last test to show if Asic can truly be decentralized in theory.
I kinda like POS(crying out load bitcoin is going to use POS in its sidechain tech . )
But current POS has a flaw who know it could be made better. People are researching them. DPOS does look like one of the best types of POS
Currently POW is better in my opinion.
While yes POW does seems like an energy waste it not. This work is necessary to make the chain secure. In POS, the stakers who owns 10% of the supply will mint 10% of the supply, and won't cost them anything much.
In, POW you have to battle against everything. You have to buy new miners to keep up, pay electricity, cool the machines, buy new ones.
Pos makes it so that 51 attacks are harder bc they are little their investments on the line. Pow is somewhat even harsher. Not only will their rewards lower if 51% attack done, the coin down=machines useless. This is amplified by asic machines which effectively locks the minier rig to mine only that coin.
Pow can be improved even more by making useful mining aka finding primenumbers.
But I am disappointed none of the major crypto use useful mining :(
I hope it will be used one day. Scaling is more important!
And yes I might of copied and pasted some of my posts and comment to make this. Too lazy to type it out :)
So what do you think? Is Monero hashrate dropped because Asics have been removed or because people did not update their software? Do you agree this might be the year of emergency anti Asic hardfork if Monero hashrate does not return?