The largest mining pool of Monero closes its operations

Key facts:
  • The largest single mining pool, MineXMR, has announced that it will be closed on August 12.

  • Miners should migrate to another pool in the coming weeks.

MineXMR, the largest cryptocurrency mining (XMR) organization, has announced that it is ending its operations. “We regret to inform our valued miners that the swimming pool will be closed on August 12,” he said.

Facing the shutdown decision, MineXMR has asked its miners to move their operations to other organizations before August 12. He has been informed that any pending rewards remaining after the closing date will be sent automatically. The group also thanked the miners for being part of the pool and for their continued support.

Currently MineXMR makes up the majority of the Monero network’s hash. 40% specifically, according to data logged in the Miningpoolstats browser. That is why the shutdown is expected to cause a massive exodus of miners who want to continue mining this cryptocurrency.

The mining pool owns 40% of the hash of the Monero network. Source: Miningpoolstats.

In the statement, the organization Miners who want to relocate are recommended to migrate to the p2pool decentralized poollocated in position 7 according to the table presented above.

“There are no pool fees when using p2pool and the decentralized pool helps support the Monero network,” they said. This is a voluntary, open source, community-driven project with no central control entity and fully peer-to-peer operation.

On Reddit forums, members of the XMR community commented on this MineXMR’s decision may have been made with the aim of protecting the network and contributing to decentralization. In fact, last February, the group was questioned for influencing the decentralization of Monero by owning more than 40% of the hashrate. They also attribute the reason for the shutdown to the fact that on August 13 the network will witness a hard fork that will bring some changes to the protocol.

 

 

 

 

 

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