- Monero (XMR) bulls have been able to break out to the upside from a range-block formation. The price had been confined within this region for 28 sessions.
- The Monero Foundation has scheduled another ASIC-disabling hard fork on 9th March.
XMR/USD: Recent Price Behavior
The XMR price over the past few sessions has continued to grind higher, this coming after it managed to break out to the upside from a range-block formation. XMR/USD was trading within the confinements of the mentioned narrowing range for around 28 days; however, the bulls were able to regather some upside to force a breach. This move has opened the door to allow for further buying pressure.
The Monero Foundation recently announced that it had scheduled another ASIC-destroying hard fork on 9th March. As per the foundation, it will be occurring at block #1788000. Monero will not be introducing any additional features other than a new notification and block size algorithm.
For well over a year now, the foundation has made its strong views against ASIC devices crystal clear. ASICs are known to have been constructed very efficiently when they are mining a specific coin or algorithm. As a result, they can in a fast manner dominate the mining hashrate which leads to an increase in the risk of a 51% attack. According to a recent report, 85% of the Monero network is dominated by ASIC miners.
In April 2018, Monero had already conducted a hard fork, implementing a new algorithm to prevent ASIC domination. Back then the hashrate had dropped dramatically; the ASIC domination was still somewhat evident. After just a few days, the hashrate returned up to around 480 Megahashes per second.
ASIC manufacturers have continued to release newly designed devices,