During the time of Monero’s initial launch in April 2014, there were neither premine nor instamine, as in, the developers won’t get any portion of the block reward. After the fork, Monero made a lot of improvements like providing more efficiency, privacy, and flexibility to the blockchain.
A large number of Monero [XMR] miners are now upset as the reward for mining the token has come down by a large margin. According to the Monero miners, the reward has drop somewhere between 25%-40% depending upon the pool they are using for the mining process.
The time required to mine one token or a coin has gone up dramatically, which makes it more difficult for the miners to mine Monero. The general principle is that the more token is mined, more difficult it would get to mine them in the future.
Monero uses the CryptoNight’s proof of work mining algorithm that can work in all existing devices with a modern x86 CPU processor and a lot of GPUs. Monero has smart mining feature which enables transparent CPU mining directly from the user’s system.
For Monero [XMR], there are around 38 trusted mining pools in the world and out of which 10 are operated globally, out of which, 20 are only located in Europe, 5 only in the United States of America, and 3 only in Asia.
Mining is the distributed process of cryptographically computing a mathematical proof to confirm and verify the transactions on the public ledger for a block which has a number of transactions and later it is added to the respected blockchain. The nodes of Monero uses the same blockchain to check whether the transactions are legitimate, to prevent attempts to re-spend which have been spent already.
As per the information given on nanopool, in the last 24 hours, about 128 blocks were mined with a Pool Hashrate of 107,806.0 kH/s.
A Reddit user has issued a concern:
“I have been using nanopool since I switched my machines over from ETH to XMR. I was averaging about .5 XMR every 22 hours like clockwork over the last 5 days. Today I noticed that has drastically changed. Per their calculator, it is going to take about 32 hours to generate the same amount. My hash rate has stayed pretty static between 67k and 70k. Is anyone else seeing the same changes?”