Mining cryptocurrencies can be done through a wide range of hardware. Some coins require ASICs, whereas others are still compatible with CPU and GPU mining. Monero, a privacy coin known for opposing ASICs as long as possible, is looking for new solutions in this regard. The RandomX proof-of-work algorithm was proposed some time ago, but what does it entail exactly?
Opposing cryptocurrency mining ASIC equipment is no easy feat. Until a few years ago manufacturers were primarily interested in building units compatible with Bitcoin and Litecoin mining. This forced numerous altcoin developers to come up with new algorithms. Unfortunately, most of those can now be mined with exact hardware the developers aimed to oppose in the first place. Monero is one of the few top coins still holding out in this regard, which can only be considered to be a good thing.
To ensure that will remain the case, a new proof-of-work algorithm will be audited fairly soon. It is known as RandomX, and serve as a long-term ASIC resistance solution. Although it is not exactly “new” – it is roughly a year old – very few coins have even attempted to implement this solution so far. It is also worth pointing out the development of this algorithm is still ongoing at this time, which shows there may be a lot of merit to this particular algorithm after all.
Some Interesting Tidbits
In the early stages of RandomX development, there were some concerns as to how this would affect GPU mining for Monero. While users expected this to become impossible, it now seems recent developments confirm one can still perform GPU mining without problems. A prominent turn of events for any cryptocurrency looking to incorporate this algorithm now or in the future.
Secondly, there hasn’t been an “official” audit of this code as of yet. Based on how things are handled in the Monero ecosystem, such an audit won’t come cheap, but will be performed by professionals. The community has recently come together to raise about $100,000 to pay for this public audit of RandomX. When it will be audited or how long the process will take, is a bit unclear at this stage. Rest assured the review will be done thoroughly to determine whether or not the Monero team should even consider a switch to this new algorithm.
Finally Positive News for Monero
It has not been an overly pleasant period for Monero or its community members. With most Asian exchanges now officially removing trading support for XMR – among a handful of other currencies – it has become even more apparent the uphill battle is steep. While these delistings will not necessarily affect the price in a significant manner, the community certainly needed a bit of a boost. The RandomX news seems to come at the appropriate time in this regard.