It has been reported that the Monero hashrate increased from 1.67 GH/s on August 5 to 2.2 GH/s on August 6. That 0.52 GH/s single-day gain is the highest in the project’s history. Prior to this, most significant daily percentage gains came in the project’s early days when the base was much smaller.
However, On August 3, the Coin Center submitted comments to the Office of the Comptroller of the Currency on the National Bank and Federal Savings Association Digital Activities.
.@Monero’s hashrate explodes — biggest single day gain ever Reports @mmviii_2008, #monero $XMR https://t.co/p2r6sSD6Eo — Cointelegraph (@Cointelegraph) August 7, 2020
The comments suggested that banks should embrace privacy coins rather than fighting them:
“We argue that Banks should not only be able to use trustless mixing tech (coinjoin) or privacy-enhanced crypto (zcash/monero) but that they may be obligated to do so in order to protect the privacy of their customers.”
Those last two are my favorites. We argue that Banks should not only be able to use trustless mixing tech (coinjoin) or privacy-enhanced crypto (zcash/monero) but that they may be obligated to do so in order to protect the privacy of their customers. 5/6 pic.twitter.com/oJom7GYxNk — Peter Van Valkenburgh (@valkenburgh) August 3, 2020
As per the report, it’s not clear what has led to this explosion in Monero hashing power, as a number of recent reports have indicated that Monero remains the best major privacy-preserving cryptocurrency. Whereas other privacy coins like Dash (DASH) and Zcash (ZEC) can be traced with relative ease, Monero presents more of a challenge. This has led to several exchanges delisting it.
Thus, Monero trails only Bitcoin (BTC) in its adoption rate amongst Dark Web dealers, for whom the privacy-preserving features of crypto are sometimes quite literally a matter of life and death.