Crypto News

Monero’s Hashrate Experienced Its Largest Single Day Gains Ever

Monero has experienced its biggest single day gain in hashrate since its creation back in 2014.

August 6, Monero (XMR) has experienced its biggest increase in hashrate since the network’s creation in 2014.

Monero hashrate

Monero hashrate. Source: Coin Metrics.

The Monero hashrate increased from 1.67 GH/s on August 5 to 2.2 GH/s on August 6. That 0.52 GH/s single day gain is the highest in the project’s history. Prior to this, most significant daily percentage gains came in the project’s early days when the base was much smaller.

Banks should embrace privacy coins to protect their clients

On August 3, Coin Center submitted comments to the Office of the Comptroller of the Currency on National Bank and Federal Savings Association Digital Activities. These comments suggested that banks should embrace privacy coins rather than fighting them:

“We argue that Banks should not only be able to use trustless mixing tech (coinjoin) or privacy-enhanced crypto (zcash/monero) but that they may be obligated to do so in order to protect the privacy of their customers.”

Monero presents a unique value proposition?

It is unclear what has led to this explosion in Monero hashing power. In a world where many feel that they are becoming subject to an ever-increasing level of surveillance, Monero may simply present a unique value proposition. 

A number of recent reports have indicated that Monero remains the best major privacy-preserving cryptocurrency. Whereas other privacy coins like Dash (DASH) and Zcash (ZEC) can be traced with relative ease, Monero presents more of a challenge. This has led to several exchanges delisting it.

Monero trails only Bitcoin (BTC) in its adoption rate amongst Dark Web dealers, for whom the privacy-preserving features of crypto are sometimes quite literally a matter of life and death.

How useful was this post?

Click on a star to rate it!

As you found this post useful...

Follow us on social media!

Inline Feedbacks
View all comments

Related Crypto News

The great unbanking: How DeFi is completing the job Bitcoin started
While most of us will prefer to forget the horrors of 2020, DeFi may well prove to be the...
US Banks Can Now Hold Reserves for Stablecoin Issuers, Says Federal Banking Regulator
The U.S. Office of the Comptroller of the Currency (OCC) on Monday published a letter clarifying that national banks...
Equilibrium receives Web3 grant to develop its universal DeFi module
Web3 Foundation has an established history of offering grants of up to $100,000 for groundbreaking technologies. Decentralized finance startup...
Earth needs Bitcoin as economy hits ‘debt saturation point’ — Keiser
Earth is reaching a historic “inflection point,” Keiser warns after Singapore’s central bank admits that more debt is not...
Global Hashpower Exchange Launches World’s First Exchange Dedicated to Hashpower Futures –
September 22, 2020 – Global Hash Power Exchange today announced the launch of, the world’s first crypto exchange...
Canada’s first regulated crypto exchange Wealthsimple Crypto goes live
Winklevoss brothers-founded Gemini powers the first regulated crypto exchange in Canada. Wealthsimple Crypto, the first regulated cryptocurrency exchange in...

Featured Crypto News

This On-Chain Indicator Looks As It Did Prior to Bitcoin’s 2017 Rally
On a macro scale, Bitcoin has yet to break out. Despite surging around 20% in the past 1.5 months,...
Daily Ethereum transactions hit a new historical high amid DeFi boom
The previous all-time high in daily transactions was recorded in 2018. Daily transactions on the Ethereum blockchain have just...
Ripple (XRP) Above 100 SMA Signals Fresh Increase: The Big Picture
Ripple is slowly moving into a positive zone above the $0.2480 support zone against the US Dollar. XRP price...
Technicals Suggest Bitcoin Looks Ready For Another Leg Higher Over $11K
Bitcoin price corrected lower, but it found support near the $10,750 zone against the US Dollar. BTC is currently...
Tether market cap increases almost 4X in 2020 to $15 billion
Tether supply surges to $15 billion but it could still be a house of cards The surging DeFi sector...
Scarily Accurate Analyst Thinks Bitcoin Will Hold $10,000, Triggering Strong Growth
Bitcoin has flirted with falling under $10,000 multiple times over the past week. If you take a look at...