ASIC-resistant, the goal of RandomX

Intending to be ASIC-resistant, the Monero (XMR) network has successfully upgraded to RandomX, a new mining algorithm. The Monero community workgroup had a live stream on YouTube on November 30. The upgrade took place at about the 58-minute mark.

Aside from that, the latest upgrade introduced a proof-of-work (PoW) algorithm, RandomX. And this uses arbitrary code execution together with memory-focused techniques to be resistant to application-specific integrated circuits (ASIC). These are devices optimized for professional mining operations.

According to a report, they also optimized the upgrade for general-purpose central processing units (CPU). And this is to make the network more decentralized. Therefore, those who want to use graphics processing units (GPU) to mine Monero might find it more challenging to do so.

In addition to that, the Monero team claims that ASIC machines have a centralizing effect. Moreover, there are only a small number of firms in the world that could manufacture them.

On the other hand, Bran Cohen, author of the peer-to-peer (P2P) BitTorrent protocol, recently indicated that ASIC-resistant PoW is a pipe dream and a bad idea. Also, he stated that it is a better idea to be ASIC-friendly. This is because ASIC resistance makes more centralization around manufacture when it inevitably fails.

Bitcoin Price Shifts

Elsewhere, Bitcoin (BTC) might head towards its 200-week moving average (MA). And this is a level that has been a major historical bottom. In 2019, it reached highs of approximately $13,890. After that, it showed lower highs indicative of a downtrend, at least in the mid-term.

Last week, it had a corrective bounce up to $7,875. But following that, Bitcoin failed to shake its broader downtrend, heading back down to $7,285. The asset could ultimately have its sights set to almost $5,00 before a mid-term trend reversal. At present, its charts seem to look mostly bearish.