Forking for ASIC Resistance
A battle is being fought within Ethereum: The fight for ProgPow.
ProgPow is a proposal to change Ethereum’s mining algorithm from Ethash (also known as Dagger-Hashimoto) to an ASIC-resistant mining algorithm called ProgPow. Discussions regarding the change have been ongoing since January 2019, when it was brought to light in a meeting of Ethereum core developers. Although ProgPow has been approved for inclusion in future hard forks, integration of ProgPow has been continuously pushed back and is now tentatively scheduled for July 2020.
- Nicehash announced that it was no longer continuing their repayment program that was supposed to compensate victims of their December 2017 hack. The program has thus far reimbursed 82% of the losses. It is puzzling why they would not have enough income to continue the repayment, while at the same time they have enough money to re-develop their hash market system, and launch an exchange. Their founder was recently arrested so that may have something to do with this.
- MicroBT founder and CEO Yang Zuoxing was arrested in China for embezzling $14,000. MicroBT is the producer of the WhatsMiner series of ASIC’s and is a rival to Bitmain. At the same time, Chinese courts froze 670k in assets of Bitmain’s subsidiary. Seems like all is fair in war and Bitcoin in China.
- Ethereum will hard fork in less than 2 weeks to remove the difficulty bomb. This will increase mining profitability back to normal levels as the difficulty bomb was slowing down the block times.
- Pop culture meets cryptocurrency as hackers are hiding cryptocurrency mining bots inside Taylor Swfit jpegs. It’s likely mining on Monero using their new CPU friendly algo Random X. Hackers gonna hack…