Thursday, 16 July 2020

Outrage as Bitmain Introduces ASIC to Mine Monero

The ASIC won't be able to mine Monero after the coin's upcoming hard fork.
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.

Bitmain announced  on their official Twitter profile:

We are pleased to announce the all-new Antminer X3, to mine cryptocurrencies based on the CryptoNight hashing algorithm.
Two batches: shipping in June ( ) and shipping in May ( )
To prevent hoarding and to enable.... (1/2)

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.

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