Time to Mine Monero? Difficulty Falls Dramatically

mcminer | April 8, 2018 | 1 | Latest News , XMR

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The aftermath of the Monero Hard Fork is not over yet. After a huge drop off in network hashrate on 6th April, Monero’s difficulty has dropped significantly causing a huge upsurge in mining over the past day. According to stats from Nanopool the pool hashrate saw over half its capacity gone after the hard fork. Probably due to a number of ASIC miners killed off and GPU miners forgetting to update to the latest miner to mine CryptoNightV7.

monero network hashrate and difficulty
Monero network hashrate and difficulty – Nanopool

Nanopool’s latest hashrate is now exceeding previous hashrates as the Difficulty has fallen off a cliff. Monero mining difficulty has dropped from 138,399M to 24,464M making it one of the most profitable coins for miners to mine at the moment for AMD miners using Vega 56, Vega 64, rx570 or rx 580 graphics cards.

Although this is great news for miners, it probably won’t last very long. The network adjusted due to the dramatic drop off in network hashrate. Now that the network hashrate is now exceeding previous hashrates, it is probably only a matter of time before the difficulty shoots back up. Miners should get a chance over the next day or so to mine as much as they can.

According to whattomine .com, a 6 GPU Mining rig with rx 570’s  will mine up to 0.0676 XMR per day or $7.40.  These are figures miners have no seen in a while as Q1 prices for cryptocurrencies have been so poor.

Monero Mining profitability
Monero Mining profitability according to whattomine

It will be an interesting few days for miners.

Sources: 

whattomine .com

nanopool .org

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