On August 6, Monero (XMR) saw the largest hash rate increase since the network was founded in 2014.

Monero’s hash rate increased from 1.67 GHz on August 5th to 2.2 GHz on August 6th. This daily gain of 0.52GHz is the highest in the project’s history. Previously, the largest percentage of daily increases were in the early days of the project, when the base was much smaller.

Banks should adopt privacy currencies to protect their customers
On August 3, the Currency Center sent comments to the Office of the Currency Auditor of the National Bank for Digital Activities and the Federal Savings Association. These comments suggested that banks accept coins to protect privacy rather than fight it:

“We believe that banks should not only be able to use trustworthy mixed technologies (coinjoin) or privacy-enhanced cryptography (zcash / monero), but they may be obligated to do so in order to protect the privacy of their customers.”

Monero offers a unique value proposition?
It is not clear what triggered this explosion in Monero’s hash power. In a world where many feel more and more being watched, Monero can simply be a unique display of value.

A number of recent reports have shown that Monero is still the best privacy-protecting cryptocurrency. While other privacy tokens such as Dash (DASH) and Zcash (ZEC) are relatively easy to track, Monero is an even bigger challenge. This has led to several exchanges being removed from the list.

Monero Bitcoin (BTC) only tracks its acceptance rate among dark web traders, whose privacy-friendly crypto jobs are sometimes a matter of life and death.

Source: CoinTelegraph