Did you know when it comes to Crypto one coin stands out above others? Almost never heard of when major coins are talked about.
XMR Monero is the only cryptocurrency that has ability to serve as a completely fungible decentralized electronic cash. When there are 18.132 million in circulation a 0.6 Block reward will remain indefinitely.
As of, July 23, 2022, it would take 119.8 days to mine 1 Monero at the current Monero difficulty level along with the mining hash rate and block reward: a Monero mining hash rate of 42,000.00 H/s consuming 450.00 watts of power at $0.10 per kWh, and a block reward of 0.65 XMR.
Bitcoin, the original cryptocurrency, is still considered the “king of crypto.” Its market capitalization towers above those of other crypto assets. On the other hand, Monero is formidable because of its strong privacy features. Monero beats Bitcoin on privacy, fungibility, transaction fees, and mining algorithm.
Key Features
Because every transaction is private, Monero cannot be traced. This makes it a true, fungible currency. Merchants and individuals accepting Monero do not need to worry about blacklisted or tainted coins.
Monero’s key features are those around privacy and anonymity. Even though it is a public and decentralized ledger, all transaction details are obfuscated. This contrasts to bitcoin, where all transaction details, user addresses, and wallet balances are public and transparent. These features have given Monero a loyal following among crypto anarchists, cypherpunks, and privacy advocates.
Brief History
Monero uses a proof-of-work algorithm, RandomX, to validate transactions. The method was introduced in November 2019 to replace the former algorithm CryptoNightR. Both algorithms were designed to be resistant to ASIC mining, which is commonly used to mine other cryptocurrencies such as Bitcoin. Monero can be mined somewhat efficiently on consumer-grade hardware such as x86, x86-64, ARM and GPUs, a design decision which was based on Monero project’s opposition to mining centralization which ASIC mining creates but has also resulted in Monero’s popularity among malware-based non-consensual miners. In October of 2021 the Monero project introduced P2Pool, a mining pool running on a sidechain which gives participants full control of their node as with solo mining configurations.
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