Monero (XMR) is a cryptocurrency that has become extensively popular over the past few months. However, this hasn’t benefited Monero (XMR) miners whatsoever. The mining reward for the coin has dropped by 30% to 40% over the past few days.
Back in 2014 when Monero (XMR) was first introduced, developers weren’t getting a huge reward for mining the coin. It was only after the fork that the coin saw significant improvement in the blockchain, mining process, security, etc.
Intitally, the reward for mining a block on the Monero (XMR) blockchain was much more than the current reward. Currently, the reward is 4.5 XMR. Due to this, a larger number of Monero (XMR) miners are upset and have also taken it to social media sites. One particular Reddit users says,
“I have been using nanopool since I switched my machines over from ETH to XMR. I was averaging about .5 XMR every 22 hours like clockwork over the last 5 days. Today I noticed that has drastically changed. Per their calculator, it is going to take about 32 hours to generate the same amount. My hash rate has stayed pretty static between 67k and 70k. Is anyone else seeing the same changes?”
If that wasn’t enough, the time required to mine a Monero (XMR) coin has significantly gone up. This is the same issue with Bitcoin mining as well. It only means one thing; more the number of coins mined now, it would gradually get much difficult to mine them in the future.
This is generally the issue with all cryptocurrencies that make use of the ‘Proof of Work’ principle to mine coins. It is advisable for them to upgrade to to the ‘Proof of Stakes’ method to determine the receiver of mining rewards.
There are about 38 prominent Monero (XMR) mining pools around the world. Out of all these, 20 are located in Europe alone. With the increasing costs and time per block, they are expected to reduce significantly in the near future!
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