Monero's Active Miners Increase Sharply In Two Weeks After New GUI Release

Cryptocurrency Monero (XMR) has seen a massive surge in the number of active miners in the last few days thanks to a recent GUI release which added support for P2Pool. Active miners in P2Pool-mini has increased to more than 1000 from 300 in just two weeks.

As per a post on the Monero Mining subreddit, there are 1500 active miners across both the P2Pool mining pools.

Monero P2Pool is a peer-to-peer mining pool developed by SChernykh (also known as sech1). A mining pool is basically the pooling of resources by miners who share their resources and hashrates to mine cryptocurrencies and split the reward as per the contribution of each member of the network.

P2Pool has attracted a lot of miners to XMR since the integration was announced due to a single fundamental reason, i.e., the mining pool uses a separate blockchain to merge mine with Monero which means that it has no central server that can be shutdown/blocked.

Additionally, P2Pool uses a pay-per-last-N-shares (PPLNS) payout scheme in which a miner's reward is calculated on the basis of N last shares. It has no fee and has been designed in such a manner that fees cannot be added in the future.

Interestingly, a new record was also established by miners wherein the P2Pool-mini paid out to 272 miners in a single mined block.

"Many of these (big) pools have lower fees and lower minimal payouts. Many inexperienced miners think that big pools give better profits which is not the case. Your profits, in the long run, depend only on your hashrate, not on the pool's hashrate," said sech1.