Monero’s Largest Mining Pool (XMR) Will Close On 12/8

The privacy-focused cryptocurrency ecosystem Monero is about to undergo a major upheaval. The upcoming closure of Minexmr, its largest mining pool, is becoming more apparent.

The largest Monero mining pool has been dismantled in favor of decentralization

With 41% of the network’s hashrate, Minexmr largely dominated Monero mining ahead of the nanopool, which is credited with 19% of the total hashrate. Its power of 998.64 MH/s ensures it has a substantial profit in the distribution of mining rewards. This network works on Proof-of-Work. Pool issued a press release announcing the closure of its operations on August 12.

The day before the next network update. Notes are sent to pool miners inviting them to make the necessary arrangements to deploy their equipment to other pools.

So, Minexmr recommended its collaborators to move to decentralized pools and did not hesitate to indicate their preference for p2pool. With a firepower of 77.38 MH/s, the second missile currently controls only 3% of the network’s hashrate. Minexmr has reassured its miners that they will not pay any fees for using p2pool to support the Monero network. He also ensures that he automatically sends all pending mining rewards to different miners once the pool closes.

While the largest mining pools appear to be a threat to the decentralization of a network, the end of Minexmr operations seems like good news for Monero. Despite Minexmr’s recommendation, the community is concerned that migrants choose pools with better power than p2pool to maximize their earnings.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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