Bitcoin, Cryptocurrency And Blockchain News

It’s a war of words! Bitmain and Monero Tear into each other


On March 15, Bitmain came out cheerily to say that they were pleased  to introduce the all new Antminer x3 that will mine crypto using the cryptonight hashing algorithm. This was made through a tweet that has since raised various comments and reactions online.

Only one customer at a time

According to them, these new units would be shipping instantly but will only be limited to one customer in order to help prevent cases of hoarding. In fact, the price is expected to drop to #3000 for the current customers if the email detailing this is anything to go by.

As a result of this development Reedit posters have beseeched buyers not to go ahead in the purchase of the units because there was a scheduled change to the proof of work algorithm for the coin. In fact, other players have gone as far as accusing Bitmain of using machines to mine for months and only making shipments now that the algorithm of Monero are set to change, and this will mean that it will render them useless.

Worry all over the place

According to recent developments, Cryptonight, which happens to be a chipset fitted to the x3 of Bitmain has suddenly turned into a source of worry for anyone who has been enthusiastic about subsisting off monero mining since the year started.

It would be noted that just after Bitmain got hold of the chips the hashrate of monero immediately skyrocketed. Riccardo Spagni  led  the Monero team did their best to try and decipher what had happened. This led to the conclusion that a Monero mining botnet that had infected so many computers was one of the suspects for this phenomenon. This eventually led to Monero announcing a PoW change that happened on February 11. They said:

We will perform an emergency hard fork to curb any potential threat from ASICs if needed. Furthermore, in order to maintain its goal of decentralization and to provide a deterrent for ASIC development and to protect against unknown or undetectable ASIC development, the Monero team proposes modifying the Cryptonight PoW hash every scheduled fork, twice a year…Finally, we will continue to research alternative Proof of Work functions that may provide better ASIC resistance than Cryptonight.

What do you think about this battle of algorithms? How will this affect mining in general? Let us know your views in the comments section below.