Mining giant Bitmain which currently dominates the crpyto mining space just released the Antminer X3 which utilizes the CrytpoNight hashing algorithm required for Monero (XMR). However, many speculate that X3 may not even be effective by the time its releases in May 2018.
The Antminer X3 was announced on March 15 and current listed at two price points being $11,999 for the first batch to ship in may and $7599 for the second batch which will be delivered in June.
However the news has been met with much controversy with Monero Project Lead Riccardo Spagni tweeting the new miners will not work.
Just a reminder that this WILL NOT work on Monero https://t.co/rhy6k2I4Yh
— Riccardo Spagni (@fluffypony) March 15, 2018
We are pleased to announce the all-new Antminer X3, to mine cryptocurrencies based on the CryptoNight hashing algorithm.
Two batches: shipping in June (https://t.co/VeidZrreK2) and shipping in May (https://t.co/RKtJe6Rm8D)
To prevent hoarding and to enable…. (1/2) pic.twitter.com/PBKdXrwg9b
— BITMAIN (@BITMAINtech) March 15, 2018
Since Spagni’s response, the Bitmain’s Antminer X3 sales pages has been updated to contain the following notice.
Monero has publicly responded to the threat of ASIC mining and expressed their intention to maintain ASIC resistance by reacting quickly to any potential threat. In February this year in response to the growing threat, Monero posted on their blog;
We strongly believe that it’s beneficial to preserve our ASIC resistance. Therefore, we will perform an emergency hard fork to curb any potential threat from ASICs if needed. Furthermore, in order to maintain its goal of decentralization and to provide a deterrent for ASIC development and to protect against unknown or undetectable ASIC development, the Monero team proposes modifying the Cryptonight PoW hash every scheduled fork, twice a year.
The question at this stage for potential buyers is does the risk outweigh the reward? With a hash rate of 200m/h and a power usage of 500watts, the Antminer is shaping up to be the most profitable miner on the market ………