An important and essential update for Project Monero in May 2022…Details here
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Answer An important and essential update for Project Monero in May 2022…Details here
The Monero (XMR) miner community is preparing for a core update that will take effect in May, which is one of the most significant changes to the network in the past few years.
What is this update?
The main advantage of Monero is the fact that the mining rewards will never go down to zero.
Instead, the new mechanism includes a fixed mining reward of 0.6 XMR per block.
This will allow miners to maintain the network in return for receiving a financial incentive.
At the current price of XMR, the fixed bonus is $163.
Monero classifies itself as a private and secure blockchain, which is why it cannot take the risk and afford to lose its mining power.Read:Cryptocurrency trading platform obtains UAE license
On the other hand, miners constantly face challenges related to dynamic volume, competition, and lower fees.
All of these factors affect mining profitability and compromise network stability, so this upgrade is suggested to solve this problem.
Could the upgrade affect the price of Monero?
The gradual decrease in bonuses is often considered a bullish factor because it is expected to reduce selling pressure in the market.
But in the case of Monero, the currency hasn’t seen much selling pressure recently.
In the past two months, Monero has gained nearly 90% in the cryptocurrency market in contrast to the movement of large cryptocurrencies such as Bitcoin and Ethereum.
Monero has previously shown a largely independent performance in the marketplace where it is still actively used as an ideal privacy solution.
Monero’s popularity has gradually increased in recent months as more and more crypto enthusiasts and investors start to worry about the safety of their cryptocurrency after a series of restrictions and regulations issued by both Europe and the United States of America.Read:The Ethereum Network Completes Latest Updates Before Final PoS Provisioning Move
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