Monero hashrate has reached a new all-time high of 4.1 GH/s. According to various tracking firms, this figure surpasses the previous record of the cycle that ended in January 2022, when the hash rate of this network reached 3.2 GH/s.
Monero is a cryptocurrency known for its focus on privacy. In a cryptocurrency ecosystem where transparency is common, Monero stands out for its features that allow for anonymous and secure transactions. This privacy is what makes it relevant and attractive to users looking to keep their transactions confidential.
Monero’s new ATH (All-Time High) hashrate could be the result of the introduction of more powerful and efficient CPU miners that have started operating since last year.
Monero hashrate reached new all-time highs. Source: Coinwarz.
Among these, Bitmain's Antminer X5 stands out, a high-performance CPU announced in late 2023 and which began operating during 2024. This miner is specifically designed for Monero mining, which could explain part of the increase in hashrate.
In addition to the Antminer X5, some GPU models that have hit the market, such as the AMD Ryzen 9 7950X, the Intel Core i9-13900K and the AMD EPYC 9654, are also notable for their power and could significantly contribute to the increase of the Monero hashrate, if they were being adopted by miners of this protocol.
Another factor that could be contributing to this increase is related to hashrate migration. When miners recognize that a network's profitability is increasing or decreasing, they tend to move their computing power to the network that provides more benefits. A key factor in determining the advantages of one network over another is the price of each coin.
As Monero’s XMR has been appreciating in value over the past year, many miners may be betting on making more profits on this network.
XMR price reacts upwards
The price of XMR, Monero’s native coin, has reacted positively to the rising hashrate. After a 2% increase, the cryptocurrency has broken through the $200 barrier. This increase is not an isolated one; over the past year, XMR has seen a growth of 30.8%, reflecting a recovery and strengthening of the market for this digital currency.
This strengthening comes after the trauma caused by Monero's exit from Binance, the largest exchange on the market. Binance announced that it would stop supporting XMR, an event that could have initially negatively affected the market's perception of this cryptocurrency.
However, almost a year ago, XMR has managed to not only recover, but also thrive, demonstrating the resilience of its community and the persistent demand for a privacy-focused cryptocurrency.
XMR price is up 30% in a year. Source: CoinMarketCap.
In short, Monero’s new all-time high hashrate is attributed to the combination of new powerful CPU and GPU miners, along with possible hashrate migration.
This increase in network processing capacity, coupled with the rising price of XMR, suggests an interesting future for Monero in the cryptocurrency ecosystem, especially for those who value privacy and security in their digital transactions.