Hashpower transfer for #CryptoNight Users
Hello Steemians,
This article is very imp for you if you are using a #Genesis #Mining service for XMR (Monero) mining, Few month back XMR hard fork occurred and there was a change in mining algo.
1st Notification Received from Genesis on XMR Fork
To Our
Monero Miners,
As many of you are aware, on April 6th, there will be a fork in the Monero code, referred to as V0.12.0 "Lithium Luna". As with any significant protocol change, we want to inform you of how it relates to our service.
As background, due to developments in mining hardware, the Monero developers have announced that they will be changing the hashing algorithm. There are several reasons why the Monero developer team is making the change, including combatting ASICs, introducing support for multi-signature wallets, and creating initial hardware wallet support.
Our mission is to deliver a highly reliable and scalable infrastructure platform that powers the virtual currency mining industry. Many of the mining protocols are still in early development and the developer community may make improvements to the software. When forks and other significant changes occur, our focus is always to work to act quickly and keep our customers informed not only on how it may affect our service but also how it may change the industry.
At block 1546000 a new version of the Monero code will enter into use. We will be sharing more specific technical details about how we’ll be structuring our response to the change soon.
Let us know on social media what other cryptonight coins you might like to mine! Our goal is always to mine the best coins and the ones you want, so be sure to share with us on social!
We will continue to monitor the situation after the fork. As always, your feedback and interests are what drive our service decisions. Thank you for sharing your thoughts on the upcoming Monero fork, we’ve been listening and wanted to communicate that the transition will be smooth!
Sincerely,
The Genesis Mining Team.
2nd Notification Received from Genesis on XMR Fork
To Our Monero Miners,
We wanted to send a followup to our previous email about the pending Monero fork on April 6th.
As you may know, the Monero developers are proceeding with a fork that will fundamentally change the way Monero is mined. More specifically, the algorithm used to mine Monero is changing to CryptonightV1. All miners, including Genesis Mining users, that operate on the original Cryptonight algorithm would need to shift to mining another coin. For those of you that are a fan of the original cryptonight algorithm, we will be adding Electroneum as a native cryptonight coin for mining! We strive to help our customers mine the coins they are most interested in pursuing, which is why we wanted to offer Electroneum as an alternative in light of the upcoming shift from Monero.
If you are mining Monero we will update your hashpower to XMR (Auto), mining the best coins available and converting them to Monero for you. You won’t need to do anything to enact this change. This will commence in the first block following the fork. While nobody can predict how the cryptocurrency market will evolve, we will always help navigate changes that are outside of our influence.
Blockchain is a new technology that continues to change and the open source nature of much of the software and the decisions of the developer community may result in forks and similar events. As always, as these changes occur, we are here to support you and help answer any questions you might have. Please feel free to reach out to our customer support teams if you aren’t clear on how your hashpower will be transitioning and we can help guide you through the change.
Cheers,
Genesis Mining Team
So after this Change Genesis did not change the mining algo on new one due to that they started mining ENT coin and converting that output to XMR due to that the output fall drastically as well missing payouts for many days. Many users felt cheated and complaint about it. They also urged to migrate to new XMR algo.
as result of continuous follow-ups Genesis recently agreed to given an option to migrate to new algo as well giving additional few months of contract extension for all this chaos.
Recent Communication from Genesis.
This screen comes up when you login to your account.
As mentioned in their email, last date of migration is end of June month, So hurry and finish this activity asap.
Hope this blog is useful read for all XMR users.
Cheers
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