Here are some interesting facts that will help you understand the Monero project better:
Hackers unintentionally helped expose vulnerabilities in Monero during its launch phase. During the coin’s development, a group of hackers attacked the developers’ servers. As a result, the vulnerabilities were identified and fixed, improving the platform’s security. This happened before the public launch, ensuring a stable system from day one.
No limit on XMR emission. In May 2022, after 18.1 million XMR were minted, the tail emission mechanism was activated. This guarantees miners a steady reward of 0.6 XMR per block. By September 2024, there were around 18.45 million XMR in circulation.
XMR mining is accessible through regular PCs. Monero uses a variant of the Proof-of-Work consensus algorithm called RandomX, which is optimized for CPU-based computations and resistant to ASIC miners. This allows a large number of users to participate in mining, contributing to the network’s decentralization.
Monero sparked the creation of JavaScript mining. The technology behind Monero led to the development of innovative web-based mining systems. This resulted in mining pools like Coinhive, which allowed users to mine cryptocurrency through their browsers.
Mining botnets owe their rise to Monero. The ability to mine through browsers didn’t just attract legitimate users but also hackers. Browser-based mining became a common feature in malware. Although Coinhive shut down in 2019 due to this, its legacy continues. According to Guardicore Labs, a mining botnet called Vollgar used Microsoft SQL servers to mine XMR and VOLLAR starting in 2018. Botnet attacks like MrbMiner, Black-T, and z0Miner still target cloud servers today. A 2018 report by Palo Alto Networks estimated that 5% of all XMR in circulation at that time was mined through cryptojacking.
Cryptojacking is a type of malware that uses infected devices’ processing power, like PCs, tablets, smartphones, and more, to mine cryptocurrency. Mining botnets are one variation of cryptojacking.
The coin is popular on the black market. According to a 2020 RAND Corporation study, Monero was one of the top four cryptocurrencies mentioned in darknet markets, alongside Bitcoin, Ethereum, and Litecoin.
Monero is widely used for donations. In 2024, many privacy-oriented projects and organizations accept donations in XMR, including The Tor Project, Qubes OS, and Riseup, among others.
Monero continues to be one of the most popular privacy-oriented coins. Thanks to its cutting-edge technologies, XMR provides user privacy at a level unmatched by most other cryptocurrencies. The active support from its community and developers keeps Monero evolving, even as government regulation of the crypto market tightens.
