Ravencoin forks algorithms today!

Ravencoin was one of the last bastions of GPU miners with a large group of FPGA developers working together to built bitstreams to hash on them. This was working great, GPU miners were seeing decent profits and the FPGA community showed that they were able to get difficult algorithms deployed.

Until the rumors started happening, hashrate was skyrocketing, there were whispers that there was a huge fpga farm but more people started looking into the blocks and the way the work was being done. Rumor was this was no fpga farm but this was what everyone feared, an asic.

This is when OhGodAGirl released a video on twitter showed a video of an asic developer talking in Chinese and showing off an X16R Asic. (X16R is the algorithm that Ravencoin uses) This ended up being the OW1 miner which released shortly with a large hashrate (and a high power draw to boot).

 

The Ravencoin community quickly decided to go ahead and fork the algorithm used to kill off these asic mining machines, forcing them to go mine some other coin that continued to use the x16r algorithm. This put the Asic company into a desperate position and they reacted, they turned on all of their machines making the difficulty SKYROCKET.

This has made mining unprofitable for most everyone except the ASIC miners, this all changes come today (October 1st 2019) as the fork will take effect and reject the work done by these machines. The fork will take place at noon EST (Daylight savings), so you still have about 15 hours to get everything finished up and prepared to find a pool that is switching at launch. You can use the previous wallet address as the proof of work algorithm is the only thing changing.

 

Here is to mining with profits again for the little guy!

 

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About the Author: Monarch

The main poster and owner of Monarchcrypto.com , I am trying to use the site to share correct information in a sea of lies and manipulation that is the cryptoworld.