ASIC-Resistance RandomX, Monero’s Recent Upgrade
The Monero (XMR) network recently upgraded to a new mining algorithm that aims to be ASIC-resistant, RandomX. Previously, on November 30, the Monero community workgroup went live on youTube. And the upgrade occurred at around the 58-minute mark.
Also, the new upgrade launched a proof-of-work (PoW) algorithm, RamdonX, which uses arbitrary code execution. This is together with memory-focused techniques to be resistant to application-specific integrated circuits (ASIC) – devices developed for professional mining operations.
Moreover, the Monero team still believes that ASIC machines have a centralizing effect. Furthermore, this is because there are only a number of companies to manufacture them.
However, others have claimed the opposite. Bran Cohen, the author of peer-to-peer (P2P) BitTorrent protocol, stated that ASIC-resistant PoW is a pipe dream and also a bad idea.
In addition to that, Vitalik Buterin, Ethereum co-founder, said comparable sentiments. He said that there is a mounting consensus that ASIC-resistant algorithms have a limited lifespan. Also, ASIC- resistance basically creates 51% attacks cheaper.
The Weekly Chart of Bitcoin
Moreover, last week, the weekly chart of Bitcoin (BTC)painted a wick that tested support near $6,550. Additionally, this hits just under a downside wick from May 2019. Below $6,550, the coin lacks weekly support and striking price action until $5,760.
Previously, in April, the price of Bitcoin tallied significant price action in the range of $5,760 and $4,890. This indicates a zone of future support. Aside from that, this area of support goes along with the digital asset’s 200-week moving average to almost $4,990.
Then, the 200-week MA has been a significant level of support in the history of Bitcoin. This serves as the bottom of the asset’s last major market in 2018 and early 2019.
Bitcoin has recovered from its 200-week MA several times since 2014. And it never decisively closing under it and holding its trend resistance.