Monero To Experience Hashrate Decline As MINEXMR Bows Out
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MINEXMR, Monero’s biggest miner, recently announced it would shut down operations by August 12 and will transition to a decentralized P2P pool. At press time, MINEXMR accounts for 44% of the total XMR hashrate, which means a 44% hashrate impairment when they halt operations. Data from Wikipedia shows that the giant mining pool contributes 1.48052 gigahash per second (GH/s) to the Monero blockchain.
A debate has sprouted in the Monero community due to the announcement, with many arguing on social media platforms whether the move would threaten decentralization. An XMR enthusiast tweeted:
“Urgent: Immediately leave mining pool MINEXMR today! If you are mining Monero and you support this pool, you are also responsible for the centralization of the monero hashrate! They control 48% of the hashrate today, WTF.”
Meanwhile, Monero enthusiasts on the subreddit r/monero trended the phrase “boycott MINEXMR,” stressing that the pool is “too close to 51%.”
Achieving 51% means that the mining pool acquires absolute control over the network via its control of the majority of the hash power. A 51% attack can also trigger issues of double-spend on the blockchain in addition to other reorganizations.
Key Monero Levels to Watch — August 1
Monero appears to be on a bearish trajectory towards the upper $140.00 area as the crypto market took a break from its aggressive recovery from last week. XMR tapped a high of $166.90 last week, where the price came into contact with my long-term bullish channel, prompting a correction.
That said, the privacy blockchain cryptocurrency is locked on touching the $150.00 low in the coming days. On a larger time frame (daily stochastic indicator) the bearish correction seems warranted, considering the price has wandered too far into overbought conditions. Regardless, I do not see the ongoing bearish correction extending below the $146.00 mark, the projected base of my channel, before a bullish rebound kicks in.
Meanwhile, my resistance levels are at $160.00, $165.00, and $170.00, and my key support levels are at $150.00, $146.00, and $140.00.
Total Market Capitalization: $1.07 trillion
Monero Market Capitalization: $2.95 billion
Monero Dominance:0.27%
Market Rank: #26
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