Monero to Preserve Its ASIC Resistance

On Sunday,  Monero developers published a development update on PoW change and key reuse  
14 February 2018   1512

The development update addressed a recurring question among altcoins that can currently be mined profitably with GPU hardware and how to respond to the threat that a mining rig manufacturer will develop an ASIC miner built to mine Cryptonight.

The Monero developers are going to protect the network’s ASIC resistance by modifying its PoW algorithm at a scheduled hard fork. The hard fork occurs two times per year. The XMR users will not notice these changes. The changes will alter the network’s hashing algorithm that Cryptonight ASIC miners will have to follow every fork.

However, if these scheduled PoW forks will not be enough to disincentivize the development of ASIC miners for Cryptonight, Monero will modify PoW algorithm at a nonscheduled fork in order to prevent any potential threat from ASICs.

According to the development update, this stance will ensure that Monero mining remains relatively democratic and decentralized at least until such time the same can be said of the ASIC mining industry. The developers believe that any transition to an ASIC-dominated network needs to be as egalitarian as possible in order to foster decentralization.

Currently, the ASIC market is dominated by Chinese manufacturer Bitmain. It means that it would be simple for governments to force companies like this to build “kill switches” into the miners or sell rigs to customers who obtain special government licenses. By contrast, GPU miners rely on general-purpose computer chips. It makes regulator’s attempt to force miners to acquire government-issued licenses impossible.

The first PoW adjustment will be implemented at the network’s next hard fork, which is currently scheduled for March.

Billionare's Wife Kidnappers to Demand €9M Worth XMR

Anna-Elizabeth Falkievik Hagen was allegedly abducted from her home, although the law enforcement agencies found no sign of hacking
10 January 2019   225

In late October, the wife of one of the wealthiest entrepreneurs in Norway, Tom Hagen, was kidnapped. The kidnappers are demanding a ransom of € 9 million in Monero, according to Norway Today.

Anna-Elizabeth Falkievik Hagen, 68, was allegedly abducted from her home, although the law enforcement agencies found no sign of hacking. A note with a ransom request was also found there.

Note that Interpol and Europol are involved in the investigation of the case of Falkievik, and the fact of the abduction was kept secret for a long time for security reasons.

Today, January 9, the police confirmed that Falkievik was abducted, and communication with the criminals takes place exclusively through some kind of "electronic platform". In addition, in December, the kidnappers could not provide evidence that she was still alive.

Probably the Falkievik case is the first time in Norway when a ransom is demanded in a cryptocurrency equivalent. Nevertheless, the police recommended that the criminals be denied their claims.

Tom Hagen is the founder of Elkraft AS, a power supply company. His fortune is estimated at 1.7 billion NOK (€ 170 million).

Earlier, employees of the local prosecutor’s office in Kiev and the National Police of Ukraine detained two suspects accused of stealing a miner in March of this year and stealing $ 50,000.

Now they face up to 15 years of imprisonment for robbery committed by a group of individuals in a preliminary conspiracy, infiltration and theft in a particularly large scale.