Financemagnates
– ASICs are yet to make an impact on the mining of digital coins using
the CryptoNote protocol. However, Bitmain, one of the largest suppliers
of ASIC-based mining equipment, has cracked the nut, as it announced its
latest machine, the CryptoNight-capable X3.
However, the introduction of the X3 has attracted criticism, with
developers of Monero, one of the most popular coins using the CryptoNote
hashing algorithm, at the forefront of this criticizing squad. Monero’s
lead developer Riccardo “fluffypony” Spagni himself warned potential
customers against the compatibility of Antminer X3 for mining the coin.
According to an email sent by Bitmain, the company is offering a
substantial discount to its existing customers for Antminer X3 and has
reduced the price of the device from $7,600 to $3,000. However, industry
specialists warn that Monero’s upcoming hard fork will change the
coin’s proof-of-work algorithm, meaning that the Antminer X3 will not be
able to mine it. Many are also accusing Bitmain of offloading the
soon-to-be obsolete mining devices after secretly mining Monero for
months.
Monero (XMR) is an open-source cryptocurrency created in April 2014 that focuses on fungibility, privacy and decentralization.
