Monero Network Usage Back at All-Time-Highs From Phantom Usage
The preeminent privacy crypto Monero (XMR) is seeing a return to all-time-high levels of transactions on its network, first set in April 2019, at the same time as hashrate on the network is also trending near historic highs.
Transactions have been steadily rising on the network since roughly October 2019, shortly after Monero’s mining hashrate shot up significantly following a hard fork aimed at getting proprietary ASIC miners off the Monero network.
This means that Monero is now exclusively mined with consumer-grade GPUs; this is intentional, to try and avoid the sort of industrial-level investment – and thus potential centralization – that is present on the Bitcoin network and others.
There is no apparent reason for the increased number of transactions – including from price speculation, as Monero did not begin seeing a significant spike in price until December 2019. But this is perhaps a fitting mystery for a privacy-focused crypto.
CryptoGlobe recently reported that the rogue state of North Korea has been dramatically increasing its Monero mining operations since May of last year. Monero’s time-tested security architecture makes it ideal for this application. The cryptocurrency, it’s worth noting, is also used on darknet marketplaces. In its defense, Monero is also widely accepted as a payment method on various pro-cryptocurrency platforms.
XMR chart by TradingView
Monero’s price has been generally falling since June 2019, when it saw a significant spike to over $100. But this surge is far and away less than its all-time-high price of $460, achieved during the monster bull run of early 2018.
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