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On the 6th April , Monero went through a hard-fork where it changed it's mining algorithm to become resistant to ASIC Cryptonight miners. This guide will explain what each of these are. See this earlier guide for a timeline of events leading to this. Part of Monero's development is that it hard-forks every 6 months, this is completely normal so not a surprise. After one of these scheduled hard-forks Monero retains the ticker symbol 'XMR' as well as the upgrades from the hard-fork; on the 6th April hard-fork it had changes including resistance to Cryptonight ASIC miners.
If people disagree with these hard-forks, they can create their own versions of Monero. That seems to have happened here, where because of strong financial incentives against this hard-fork discussed below , 4 different entities have created versions of Monero that still support ASIC miners, each with their own new ticker symbols:.
Although this seems very strange, it isn't too surprising due to the controversy around Monero, where thousands of Cryptonight ASIC miners have been sold less than a month prior to this hard-fork, and after the hard-fork these miners no longer work. This means anyone who invested money in one has just lost the ability to earn Monero using it, and is now stuck with a piece of hardware that both has rapidly decreasing profitability and resale value.
The fact that these 4 ASIC-friendly versions of Monero now exist gives people who bought these ASICs a chance to earn their money back, so although on principle they're questionable in particular because there are 4 versions rather than just 1 , they're also beneficial to end users, many of whom were likely unaware of this hard-fork and controversy around ASICs, just seeing the purchase as a way to earn some money.
In-case you're unsure why this ASIC resistance was added in the first place, see this guide also this Reddit thread gives a good overview. This post also explains this well. Keep in mind there are other points of view here too, such as this drop in hashpower being because a large Monero-based botnet hasn't updated to the new mining algorithm yet.
If this does turn out to be because of ASICs though which seems likely, as large amounts of hashpower are now mining the ASIC-friendly versions of Monero , this will rightfully harm the reputation of ASIC manufacturers, as this practice of using hardware and then selling it as new is extremely unethical and dishonest.
Many are warning that especially when claiming these coins on a wallet, that you're risking your privacy and security this effects a later fork for MoneroV moreso, but should still be considered , and others are suggesting that if someone doesn't agree with the Monero development team they're very welcome to fork off and make their own coin, and anyone who wants to can claim these coins.
This Tweet explains Monero 0's position for example, who think "The Monero Project's strategy to continuously hard fork is no longer a stable or a sane strategy". So your opinion is really the deciding factor here. If you support the idea behind the 4 new coins, then consider claiming them. See this post for a summary of the team behind each of these coins, and choose the one you think has the best team behind it. You do need to be careful of scams here though, where there seem to be multiple Twitter accounts for some of these coins.
There are two Twitter accounts for XMC for example, where this one has a very small following compared to this one , and so is potentially a scam.
Although it might just be a miscommunication between the XMC team, it's good to be skeptical in this scenario. Charlie Lee, the creator of Litecoin, for example replied to this particular Twitter account saying " Lol, what a scam " we're unsure if he's referring to this coin in general, or just this specific account, possibly both.
So to summarise, the existance of these coins is normal, if someone disagrees with the development team of a coin they can make their own version of it. But In Monero's case you need to remember that there are strong financial incentives against ASIC resistance, so regardless of if this hard-fork was a good idea long-term for security and decentralisation, many people are against it simply because they'll lose potential mining profit.
So do your own research, assume that anything you see posted online is biased, and make your own decision here. This site cannot substitute for professional investment or financial advice, or independent factual verification.
This guide is provided for general informational purposes only. The group of individuals writing these guides are cryptocurrency enthusiasts and investors, not financial advisors. Trading or mining any form of cryptocurrency is very high risk, so never invest money you can't afford to lose - you should be prepared to sustain a total loss of all invested money.
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All information on this website is for general informational purposes only, it is not intended to provide legal or financial advice. Why are there 5 versions of Monero?
That seems to have happened here, where because of strong financial incentives against this hard-fork discussed below , 4 different entities have created versions of Monero that still support ASIC miners, each with their own new ticker symbols: Conclusion So to summarise, the existance of these coins is normal, if someone disagrees with the development team of a coin they can make their own version of it.
We posted these two guides which are a good place to start your research: April 25th, Best Bitcoin Affiliate Programs April 17th, How to Track a Crypto Portfolio? Written by the Anything Crypto team We first discovered Bitcoin in late , and wanted to get everyone around us involved. Never invest money you can't afford to lose.