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Monero [XMR]’s resistance to the use of Bitmain’s Antminer X3 – Miners in trouble?

Vinod KA

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Monero [XMR]'s resistance to the use of Bitmain's Antminer X3 - Miners in trouble?
Source: Pixabay

Bitmain, which was founded in 2013, is a company that mines Bitcoins and designs ASIC chips. They also operate Antpool which is one of the largest Bitcoin mining pools. Application-specific integrated circuit, popularly known as ASIC, is a hardware that is known to have mined Bitcoins for years now.

Bitmain released a new ASIC miner called the Antminer X3 also known as a CryptoNight miner on 15th of March 2018. It was originally designed to mine the CryptoNight hashing algorithm used by Monero [XMR].

Nevertheless, this act is not welcomed by Monero and they have opted for an update for their software to v0.12.0.0, which is due in April. This new update will change the rules of the system entirely which will block the hardware form of mining the cryptocurrency. They have also taken a step ahead by taking the decision to perform such an update twice a year.

The core developer of Monero, Riccardo Spagni declared on a forum:

“In my opinion, If SHA3 ASICs are commoditised to the point of being common place, our move to block this effort from Bitmain makes total sense.”

There is a possibility of the Antminer X3 leading to certain kinds of attacks such as; those ones in which the mining pool takes over the majority of a cryptocurrency’s hashrate. This leads to the creation of false transaction histories, double spending coins and censoring payments. Developers are of the opinion that forking away from ASICs is a bad move.

The reasons for the distrust between developers and Bitmain include the secret move from Bitmain which took advantage of a weakness in Bitcoin’s proof-of-work algorithm, through a process called ASCIBoost which enabled its three mining pools to perform 20% faster than its competitors and the discovery of a mining chip vulnerability called Antbleed.

Bitmain also built an ASIC that can be used in mining Siacon [SC], which is a small cryptocurrency. All these moves made Monero’s creator Ricardo Spagni to defend his cryptocurrency’s ASIC resistance.

He Tweeted:



“Their actions with the bitcoin community and more recently the sia community are clearly those of a bad actor.”

The Monero team added on the risks of ASIC centralization, including government bribery or even the introduction of a ‘kill switch’ that could shut down the miners remotely.

In response to a Twitter’s comment that ASICs are good for security, Ricardo replied:

“Really? Removing all of the hashrate distributed among tens of thousands of miners, in favour of a handful of miners that can afford an overpriced machine from a single manufacturer is GOOD for security? I doubt even you believe that.”





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Vinod KA is an intern at AMBCrypto who has been analyzing the cryptocurrency market trends for several months now. He joined the company out of sheer interest in the cryptocurrency world and is fascinated by its dominance in the financial world. He does not hold value in any cryptocurrencies as of now.

Bitcoin

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

Priya

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