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Monero [XMR]’s new mining Algorithm and Bitmain’s Antminer X3

Sherin A

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Monero [XMR] to change its mining Algorithm and Bitmain is ready with Antminer X3
Source: Pixabay

Monero [XMR] miners use proof-of-work mining to achieve distributed consensus. Proof-of-Work is a protocol and it is an economic measure to hinder mainly Denial of Service attacks, and many other service cases of abuse on a network.

Don & Alex Tapscott, authors of Blockchain Revolution writes:

“The blockchain is an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually of anything that has a value”

Mining is done to create a new block (a group of trustless transactions) on the blockchain and it can be used to:

  • Avoid double-spending
  • Create new digital currency by rewarding the miners on the previous task

Bitmain Technologies Ltd

Bitmain Technologies Ltd. is a Bitcoin miner and makers of ASIC chips. It is a privately owned company that is headquartered in Beijing, China. Bitmain has recently released ASIC-powered Antminer X3, designed to mine the CryptoNight hashing algorithm used by Monero [XMR]. The units are to be shipped soon and as per emails, the quantity is limited to one per customer and an extra discount for existing customers.

Riccardo Spagni, the project lead at Monero tweeted that their new miner will “NOT WORK” for mining Monero. Monero’s boards alerted buyers to not purchase these units because of a scheduled change in the coin’s Proof-of-Work algorithm. This response from the Monero community has shaken Bitmain’s new venture and as a result, the world’s most efficient Bitcoin-miner had to amend their product description with a notice warning stating the buyers about the change in a few major cryptocurrency algorithms.

One of the many disappointed Reddit users wrote:



“When asked why a doorstopper had the word “miner” in its name, Jihan Wu, the CEO of Bitmain, stated that “The Antminer X3 looks, works and sounds like a cryptocurrency miner….”

Another Reddit user comments on a forum:

“Don’t buy bitmain’s X3….they want to dump their machines on you.”

Even though Bitmain’s X3 miner did not succeed in convincing its invention, it is supposed to continue in the business. This miner is compatible with several other cryptocurrencies such as Bytecoin, Aeon, Dash, and many more. Bitmain is also keeping it strong by promising to ship more units in additional batches this year.





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I am a content lover and a passionate writer. Writing is my way of relaxing, I write when I am happy, even when I am sad and sometimes when I am mad too. My whole career life is a gross learning in the financial domain and to no surprise, my interests are now inclined to cryptocurrencies and the blockchain market. F is not just Finance, but also Food, for me. I love to eat because I love to cook.

Bitcoin

John McAfee says he will reveal Nakamoto’s identity, Coinbase expands to 11 countries, and more

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John McAfee says he will reveal Nakamoto's identity, Coinbase expands to 11 countries, and more
Source: Unsplash

Daily Crypto News – April 18

1. John McAfee on Satoshi Nakamoto: The Founder of McAfee Associates stated that he would narrow down on the identity of Satoshi Nakamoto until he reveals Satoshi himself, otherwise he would reveal his identity to the crypto community. He also spoke about how he knows about Satoshi, to read about it, click here!

2. Coinbase expands its services to more countries: The leading exchange platform announced that it expanding its services to 11 more countries, which includes India, South Korea, and New Zealand. People in these countries can avail services provided on Coinbase.com, Coinbase Pro and its app on iOS and Android.

To know more about the countries Coinbase has expanded to, click here!

3. Craig Wright says the crypto-community want to silence him: Craig Wright, the self-proclaimed Satoshi Nakamoto, stated that the majority of the community was against him as they “desire to silence” him because they see someone who would bring an end to scams and pumps and dumps.

He also spoke about the next steps he would be taking in terms of the legal action concerning his defamation case. To read about it, click here!



4. Binance “marks the birth of a new genesis block”: The largest cryptocurrency exchange in terms of trade volume announced the launch of its Decentralized Exchange, and also stated that the mainnet swap would take place on 23 April 2019.

To read more about Binance DEX, click here!





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