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Monero
Monero
Monero
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Monero
Denominations
Pluralmoneroj
CodeXMR
Precision10−12
Development
Original authorNicolas van Saberhagen
White paper"CryptoNote v 2.0"
Initial release18 April 2014 (11 years ago) (2014-04-18)
Latest release0.18.4.3 / 9 October 2025 (26 days ago) (2025-10-09)
Code repositorygithub.com/monero-project/
Development statusActive
Project fork ofBytecoin[a]
Written inC++
Operating systemLinux, Windows, macOS, Android, FreeBSD
Source modelFOSS
LicenseMIT License
Ledger
Timestamping schemeProof-of-work
Hash functionRandomX
Block rewardXMR 0.6 ≥[1]
Block time2 minutes
Circulating supply>18,444,828 (2024-06-02)
Supply limitUnlimited
Website
Websitegetmonero.org
  1. ^ Source code fork shouldn't be confused with hard forks or soft forks.

Monero (/məˈnɛroʊ/; Abbreviation: XMR) is a blockchain-based cryptocurrency which is private, untraceable, fungible, and decentralized.[2]

The protocol is open source and based on CryptoNote v2, a concept described in a 2013 white paper authored by Nicolas van Saberhagen. Developers used this concept to design Monero, and deployed its mainnet in 2014. The Monero protocol includes various methods to obfuscate transaction details, though users can optionally share view keys for third-party auditing.[3] Transactions are validated through a miner network running RandomX, a proof-of-work algorithm. The algorithm issues new coins to miners and was designed to be resistant against application-specific integrated circuit (ASIC) mining.

Monero's privacy features have attracted cypherpunks and users desiring privacy measures not provided in other cryptocurrencies. A Dutch–Italian study published in 2022 decisively concluded "For now, Monero is untraceable. However, it is probably only a matter of time and effort before it changes."[4]

Due to its perceived untraceability Monero is gaining increased use in illicit activities such as money laundering, darknet markets, ransomware, cryptojacking, and other organized crime. The United States Internal Revenue Service (IRS) has offered funding for contractors that can develop Monero tracing technologies.[5]

Background

[edit]

Monero's roots trace back to CryptoNote v2, a cryptocurrency protocol first introduced in a white paper published by the presumed pseudonymous Nicolas van Saberhagen in October 2013.[6] In the paper, the author described privacy and anonymity as "the most important aspects of electronic cash" and characterized bitcoin's traceability as a "critical flaw".[7] A Bitcointalk forum user known as "thankful_for_today" implemented these ideas into a coin they called BitMonero. However, other forum users disagreed with thankful_for_today's direction for BitMonero and decided to fork it in 2014, leading to the creation of Monero.[6] Monero translates to coin in Esperanto.[6] Both van Saberhagen and thankful_for_today remain anonymous.[6]

Monero has the third-largest community of developers, behind bitcoin and Ethereum.[7] The protocol's lead maintainer was previously South African developer Riccardo Spagni.[8] Much of the core development team chooses to remain anonymous.[9]

Improvements to Monero's protocol and features are, in part, the task of the Monero Research Lab (MRL), some of whom are anonymous.[citation needed]

Privacy

[edit]
Ring signatures create ambiguity in blockchain analysis

Monero's key features are those around privacy and anonymity.[10][6][9] Even though it is a public and decentralized ledger, all transaction details are obfuscated.[11] This contrasts to bitcoin, where all transaction details, user addresses, and wallet balances are public and transparent.[6][9] These features have given Monero a loyal following among crypto anarchists, cypherpunks, and privacy advocates.[7]

The transaction outputs, or notes, of users sending Monero are obfuscated through ring signatures, which groups a sender's outputs with other decoy outputs.[citation needed] Encryption of transaction amounts began in 2017 with the implementation of ring confidential transactions (RingCTs).[6][12] Developers also implemented a zero-knowledge proof method, "Bulletproofs", which guarantee a transaction occurred without revealing its value.[13] Monero recipients are protected through "stealth addresses", public keys generated by the sender that are untraceable to the receiver by a network observer.[6] These privacy features are enforced on the network by default.[6]

Monero uses Dandelion++, a protocol which obscures the IP address of devices producing transactions. This is done through a method of transaction broadcast propagation; new transactions are initially passed to one node on Monero's peer-to-peer network, and a repeated probabilistic method is used to determine when the transaction should be sent to just one node or broadcast to many nodes in a process called flooding.[14][15]

Efforts to trace transactions

[edit]

In April 2017, researchers highlighted three major threats to Monero users' privacy. The first relies on leveraging the ring signature size of zero, and ability to see the output amounts. The second, "Leveraging Output Merging", involves tracking transactions where two outputs belong to the same user, such as when they send funds to themselves ("churning"). Finally, "Temporal Analysis", shows that predicting the right output in a ring signature could potentially be easier than previously thought.[16] In 2018, researchers presented possible vulnerabilities in a paper titled "An Empirical Analysis of Traceability in the Monero Blockchain".[17]

In September 2020, the United States Internal Revenue Service's criminal investigation division (IRS-CI), posted a $625,000 bounty for contractors who could develop tools to help trace Monero, other privacy-enhanced cryptocurrencies, the Bitcoin Lightning Network, or other "layer 2" protocol.[5][7] The contract was awarded to blockchain analysis groups Chainalysis and Integra FEC.[7]

Mining

[edit]
Monero GUI running on a remote node

Monero uses a proof-of-work algorithm, RandomX, to validate transactions. The method was introduced in November 2019 to replace the former algorithm CryptoNightR.[citation needed] Both algorithms were designed to be resistant to ASIC mining, which is commonly used to mine other cryptocurrencies such as bitcoin.[18][19] Monero can be mined somewhat efficiently on consumer-grade hardware such as x86, x86-64, ARM and GPUs, a design decision which was based on Monero project's opposition to mining centralisation which ASIC mining creates,[20] but has also resulted in Monero's popularity among malware-based non-consensual miners.[21][22]

Use

[edit]

Monero's privacy features have made it popular for illicit purposes.[11][23][24]

After many online payment platforms shut down access for white nationalists following the Unite the Right rally in 2017, some of them, including Christopher Cantwell and Andrew Auernheimer ("weev"), started using and promoting Monero.[25][26]

Darknet markets

[edit]

Monero is a common medium of exchange on darknet markets.[6] In August 2016, dark market AlphaBay permitted its vendors to start accepting Monero as an alternative to bitcoin.[6] The site was taken offline by law enforcement in 2017,[27] but it was relaunched in 2021 with Monero as the sole permitted currency.[28] Reuters reported in 2019 that three of the five largest darknet markets accepted Monero, though bitcoin was still the most widely used form of payment in those markets.[11]

Mining malware

[edit]
See also: Cryptojacking

In late 2017, malware and antivirus service providers blocked Coinhive, a JavaScript implementation of a Monero miner that was embedded in websites and apps, in some cases by hackers. Coinhive generated the script as an alternative to advertisements; a website or app could embed it, and use website visitors' CPU to mine the cryptocurrency while the visitor is consuming the content of the webpage, with the site or app owner getting a percentage of the mined coins.[29] Some websites and apps did this without informing visitors, or in some cases using all possible system resources. As a result, the script was blocked by companies offering ad blocking subscription lists, antivirus services, and antimalware services.[30][31] Coinhive had been previously found hidden in Showtime-owned streaming platforms[32] and Starbucks Wi-Fi hotspots in Argentina.[8][33] Researchers in 2018 found similar malware that mined Monero and sent it to Kim Il-sung University in North Korea.[34]

Ransomware

[edit]
Ransomware deployed in 2021 by REvil. The hackers are demanding payment in Monero.[35]

Monero is sometimes used by ransomware groups. According to CNBC, in the first half of 2018, Monero was used in 44% of cryptocurrency ransomware attacks.[36]

The perpetrators of the 2017 WannaCry ransomware attack, which was attributed by the US government to North Korean threat actors,[37] attempted to exchange the ransom they collected in Bitcoin to Monero. Ars Technica and Fast Company reported that the exchange was successful,[38][8] but BBC News reported that the service the criminals attempted to use, ShapeShift, denied any such transfer.[39] The Shadow Brokers, who leaked the exploits which were subsequently used in WannaCry but are unlikely to have been involved in the attack, began accepting Monero as payment later in 2017.[38]

In 2021, CNBC, the Financial Times, and Newsweek reported that demand for Monero was increasing following the recovery of a bitcoin ransom paid in the Colonial Pipeline cyber attack.[9][7][40] The May 2021 hack forced the pipeline to pay a $4.4M ransom in bitcoin, though a large portion was recovered by the United States federal government the following month.[40] The group behind the attack, DarkSide, normally requests payment in either bitcoin or Monero, but charge a 10–20% premium for payments made in bitcoin due to its increased traceability risk.[7] Ransomware group REvil removed the option of paying ransom in bitcoin in 2021, demanding only Monero.[7] Ransomware negotiators, groups that help victims pay ransoms, have contacted Monero developers to understand the technology.[7] Despite this, CNBC reported that bitcoin was still the currency of choice demanded in most ransomware attacks, as insurers refuse to pay Monero ransom payments because of traceability concerns.[9]

Regulatory responses

[edit]

The attribution of Monero to illicit markets has influenced some exchanges to forgo listing it. This has made it more difficult for users to exchange Monero for fiat currencies or other cryptocurrencies.[9] Exchanges in South Korea and Australia have delisted Monero and other privacy coins due to regulatory pressure.[41]

In 2018, Europol and its director Rob Wainwright wrote that the year would see criminals shift from using bitcoin to using Monero, as well as Ethereum, Dash, and Zcash.[42] Bloomberg and CNN reported that this demand for Monero was because authorities were becoming better at monitoring the Bitcoin blockchain.[43][42]

On 20 February 2024, the cryptocurrency exchange Binance delisted Monero, citing regulatory compliance.[44]

On 11 April 2024, Kraken announced that they would be delisting Monero for users located in Ireland and Belgium on 10 June. Monero deposits and trades were suspended on 10 May.[45] On 31 October 2024, Kraken halted all trading and deposits of Monero for users in the EEA. In the following months, Monero withdrawals were suspended for EEA users, and any remaining Monero balances were converted to bitcoin.[46][non-primary source needed]

See also

[edit]

References

[edit]
[edit]
Revisions and contributorsEdit on WikipediaRead on Wikipedia

Monero

View on Grokipedia
from Grokipedia

Monero (XMR) is an open-source cryptocurrency launched on April 18, 2014, as a community-driven fork of the CryptoNote protocol, designed to enable private, fungible, and untraceable digital transactions by default.
It achieves sender anonymity through ring signatures, which mix a user's transaction with decoys from the blockchain; recipient privacy via stealth addresses, generating one-time destinations not publicly linked to the recipient; and amount confidentiality with Ring Confidential Transactions (RingCT), obscuring transferred values while allowing verification of validity.
Monero's emphasis on fungibility ensures all units are interchangeable without historical taint, distinguishing it from traceable assets like Bitcoin where transaction graphs enable blacklisting.
The network employs a proof-of-work consensus with the ASIC-resistant RandomX algorithm to promote decentralized mining accessible to general-purpose hardware.
While praised for advancing financial privacy against surveillance, Monero has faced regulatory challenges due to its resistance to blockchain analysis, though its design aligns with first-principles of sound money unhindered by third-party oversight.

History

Origins and Launch

Monero originated as a of Bytecoin, the inaugural implementation of the protocol, which had been released in late 2012 but drew widespread criticism for its developers secretly premining over 80% of the total supply, fostering perceptions of centralization and unfair distribution. This premine, conducted covertly over an extended period before , undermined trust in Bytecoin's claim of organic development and highlighted vulnerabilities in early privacy-focused cryptocurrencies to insider control. In April 2014, anonymous developers addressed these issues by forking Bytecoin to launch a new cryptocurrency without any premine or instamine, ensuring a fair distribution from the outset through a pre-announced release of modified CryptoNote reference code. The project debuted on April 18 as BitMonero, emphasizing enhanced privacy to counter the traceability inherent in public blockchains like Bitcoin, where transaction histories enable surveillance and compromise economic fungibility. BitMonero was promptly renamed Monero, with the name drawn from the Esperanto term for "coin," reflecting a commitment to neutrality and universality in its privacy-oriented design. Early adoption stemmed from the protocol's core innovations, such as ring signatures, which provided for transactions and positioned Monero as a tool for preserving user against third-party observation, a feature absent in transparent alternatives. The nascent community coalesced primarily through Internet Relay Chat (IRC) channels and forums like Bitcointalk, where developers and enthusiasts coordinated on codebase refinements and advocated for untraceable digital cash as essential to individual financial . This formation prioritized resistance to centralized oversight, driven by the recognition that observable transactions erode privacy rights in an increasingly monitored .

Key Protocol Upgrades

In January 2017, Monero implemented Ring Confidential Transactions (RingCT) at block height 1,220,516, enabling the obfuscation of transaction amounts alongside sender and receiver addresses through Pedersen commitments and range proofs, thereby enhancing privacy by default without relying on optional features. This upgrade became mandatory for all transactions by September 2017, addressing vulnerabilities in prior transparent amount disclosures that could facilitate blockchain analysis. On November 30, 2019, at block height 1,978,000, Monero activated the RandomX proof-of-work algorithm via hard fork, designed to resist application-specific integrated circuits () by emphasizing random code execution on general-purpose CPUs, thereby promoting broader miner based on empirical observations of ASIC dominance in prior algorithms like CryptoNight. Concurrently, in March 2019, a protocol adjustment refined the dynamic block size mechanism by incorporating a long-term over the prior blocks, mitigating spam-induced bloating attacks—such as the "big bang" exploit—while maintaining scalability through penalty-adjusted rewards for oversized blocks. The tail emission schedule, which ensures perpetual block rewards of 0.6 XMR after the initial emission curve reaches its near 18.4 million coins, activated on May 31, 2022, at block 2,641,624, providing sustainable incentives for miners independent of transaction volume fluctuations and countering risks of market insufficiency observed in other blockchains. On August 13, 2022, at block 2,688,888, Monero increased the default from 11 to 16, expanding the anonymity set for ring signatures and empirically strengthening unlinkability against statistical heuristics in transaction graph analysis, as validated through prior on smaller ring sizes' limitations. These upgrades, among over 20 consensus-altering hard forks by 2025, reflect iterative responses to identified vulnerabilities, coordinated via community labs and activated through supermajority node consensus to preserve network integrity.

Recent Events and Challenges

In 2025, Monero's Community System (CCS) successfully raised approximately $925,000, equivalent to 3,086.62 XMR as of September 18, through community donations funding core development, wallet improvements, and research initiatives. These funds have supported ongoing efforts toward protocol enhancements, including preparatory work for the Seraphis upgrade, which introduces modular transaction structures to enhance , multisignature support, and without compromising existing address compatibility. Despite regulatory pressures on privacy coins, the CCS demonstrates sustained decentralized funding resilience, prioritizing privacy-preserving features amid evolving network demands. On September 14, 2025, the Monero experienced its largest-ever reorganization, involving 18 consecutive blocks (heights 3,499,659 to 3,499,676) and invalidating 118 previously confirmed transactions over roughly 36 minutes. Independent analysts attributed the event to selfish mining tactics by the Qubic mining pool, which withheld blocks to extend its chain preferentially, rather than a full 51% attack, though it raised concerns about double-spend risks and network stability. The opted against a protocol rollback, instead initiating discussions on potential proof-of-work parameter tweaks to mitigate future reorgs while preserving . This incident, following similar Qubic-related disruptions in August, underscored vulnerabilities in mining pool incentives but highlighted Monero's robustness, as the network recovered without halting operations. Amid cryptocurrency market fluctuations, Monero's price rose from lows around $157 in late 2024 to over $320 by October 2025, reflecting heightened demand for privacy-focused assets despite delistings from some exchanges and U.S. regulatory scrutiny, including a , 2025, seizure of $7.9 million in XMR tied to activities. The project's roadmap continues emphasizing privacy enhancements and , with CCS-backed initiatives addressing scalability and auditability options to counter adversarial and evolving threats.

Technical Architecture

Core Components

Monero's foundational architecture is built on the CryptoNote protocol, which implements a public blockchain secured by proof-of-work (PoW) consensus to enable permissionless participation and resistance to censorship. This design ensures that network validators compete to solve cryptographic puzzles, appending blocks to the chain in a decentralized manner without requiring approval from any central authority, thereby fostering causal independence from trusted intermediaries. The target block interval is two minutes, dynamically adjusted via difficulty retargeting to balance propagation times and security against low-hashrate attacks. The resulting is an immutable, append-only structure where each block cryptographically links to its predecessor, providing tamper-evident integrity through hash commitments. Default transaction obfuscation integrates into this structure to obscure linkage between inputs, outputs, and amounts, preventing deterministic while preserving the 's verifiability for aggregate properties like total supply. Optional metadata, such as transaction keys, can be disclosed by senders to enable selective auditability without altering the core obfuscated format. Protocol evolution occurs via community-driven hard forks, typically scheduled every six months, where upgrades are proposed through open discussion on forums and IRC channels, with adoption enforced by the majority of nodes and miners updating their software. This process avoids dependence on dedicated foundations or councils, relying instead on voluntary coordination to maintain consensus rules distinct from more centralized models in other cryptocurrencies. Transaction finality emerges probabilistically: a block gains increasing irreversibility with each subsequent confirmation, as reorganizing deep into the chain requires disproportionate computational resources, ensuring practical settlement without deterministic guarantees inherent to permissioned ledgers.

Transaction Processing

Monero transactions begin with the sender selecting real inputs from prior outputs on the and mixing them with decoy outputs through ring signatures, which obscure the true source by allowing verification that at least one input is valid without identifying which. Outputs employ one-time stealth addresses, generated from the recipient's public keys to enable private receipt without linking to the public address. Transaction amounts are concealed via Pedersen commitments, with bulletproof zero-knowledge proofs—introduced in the October 2018 protocol upgrade—verifying that total inputs equal total outputs plus fees without disclosing values, reducing proof sizes from several kilobytes to under 1 KB per output. Upon broadcasting to the network, full nodes validate transactions by checking ring signature validity, commitment balances through the zero-knowledge proofs, stealth address derivations, and absence of double-spends against the local copy. Bulletproofs support batch verification, enabling nodes to efficiently confirm multiple proofs in aggregate, which aids despite the privacy overhead. This contrasts with Bitcoin's UTXO model, where Monero's obfuscated outputs require additional cryptographic checks for ring membership and proof integrity, though the system remains UTXO-based under the hood with stealth mechanisms complicating direct tracking. Miners prioritize transactions based on fees, which follow a per-kilobyte minimum scaled by user-selected priority multipliers—ranging from 0.1x for low priority to 4x for highest—affecting and inclusion likelihood without a fixed market. Post-2018 upgrades, average transaction sizes stabilized at 2-3 KB, roughly 10 times larger than Bitcoin's due to ring and proof data, imposing trade-offs in block usage and validation compute but enabling without on-chain reveals. Confirmation follows inclusion in a proof-of-work block, with the network's 2-minute target block time yielding probabilistic finality after several subsequent blocks, balancing efficiency against the computational demands of verification.

Privacy Mechanisms

Fundamental Technologies

Monero employs to obscure the sender of a transaction by mixing the true input with decoy inputs selected from prior outputs on the , achieving where k represents the . These signatures, derived from the protocol's one-time ring signature scheme, ensure that any member of the ring could plausibly be the signer without revealing the actual one, as the verification algorithm confirms validity without identifying the source. Since the August 2022 hard fork, Monero mandates a minimum of 16, enhancing by requiring 15 decoys per real spend and mitigating risks from smaller rings that could enable statistical analysis. Stealth addresses conceal the receiver's identity by generating a unique, one-time public for each transaction output, derived from the recipient's view and spend keys without exposing the primary address on the . This mechanism, integral to CryptoNote's design, allows the recipient to scan the using their private view key to detect and spend the funds, while observers see only ephemeral addresses unlinkable to the true destination. By defaulting to one-time use, stealth addresses prevent address reuse and linkage attacks that plague transparent . Ring Confidential Transactions (RingCT), activated in September 2017, hide transaction amounts through Pedersen commitments, where the committed value is obscured but verifiable via range proofs ensuring non-negativity and balance equality between inputs and outputs. Initially using Borromean ring signatures for proofs, Monero upgraded to Bulletproofs in October 2018, which employ shorter non-interactive zero-knowledge proofs to reduce transaction size by up to 80% while maintaining confidentiality and preventing overflows or negative values. These technologies collectively provide default unlinkability for senders, receivers, and amounts, with analyses indicating resilience against common tracing heuristics due to the enforced mixing and obfuscation.

Auditability Options

Monero incorporates cryptographic tools that enable users to selectively disclose transaction details for verification purposes, balancing inherent with voluntary transparency. The private view key, derived from the account's , permits scanning the to identify and decrypt incoming transactions destined for subaddresses controlled by that account. Sharing the view key grants a third party read-only access to these incoming transactions, revealing amounts received and associated metadata, but without exposing the spend key or enabling fund expenditure. This mechanism supports audits by allowing recipients to prove inflows, such as payments or earnings, while concealing outgoing spends and full transaction graphs obscured by ring signatures. Complementing view keys, the transaction private key—generated per outbound transaction—enables senders to furnish cryptographic proof of a specific transfer. By providing the transaction ID, recipient address, and tx key to verifiers, the payment's validity can be confirmed without divulging the sender's private spend key or linking to unrelated activities. Official wallet software facilitates extraction of tx keys via commands like get_tx_key, ensuring proofs remain unlinkable to the broader wallet history. For comprehensive audits, users may additionally disclose key images tied to spent outputs, which, combined with the view key, indicate which inputs were utilized in ring signatures, though full linkage requires cooperative revelation from counterparties. These options underpin Monero's design as "private by default, optionally transparent," where disclosure is user-initiated and does not alter the protocol's obfuscation for non-participants, thereby upholding across the network. In practice, view keys have been noted for enabling compliance in regulatory contexts, such as granting auditors visibility into inbound transactions without spend authority, as outlined in analyses of Monero's key structure. This selective revelation addresses scenarios like tax verification, where proving legitimate receipts or payments demonstrates accountability without mandatory exposure, preserving causal for users not opting for disclosure. Limitations persist, as view keys alone yield unreliable balance estimates due to unviewable outflows, and comprehensive tracing demands multiple disclosures.

Mining and Consensus

Proof-of-Work Details

Monero utilizes the RandomX proof-of-work (PoW) algorithm, activated on November 30, 2019, via hard fork at block height 1,764,000 as part of the v12 network upgrade. RandomX generates computational puzzles through randomized execution, where a interprets programs derived from a seed in the block header, combined with AES encryption rounds and lightweight random arithmetic to produce the required hash below the difficulty target. This design inherently resists by introducing non-deterministic code paths and heavy reliance on general-purpose instruction sets, primarily favoring CPUs with large caches while rendering GPUs ineffective due to poor performance in randomized execution and cache-intensive operations. Performance in Monero mining depends on high core counts, large L3 cache, good memory bandwidth, and efficiency measured by hashrate per watt; real-world results vary based on cooling, BIOS settings, and OS. AMD CPUs excel due to their architecture supporting high core counts, large L3 cache, and good memory bandwidth, which are ideal for the RandomX algorithm. For instance, older AMD Ryzen 9 3950X and 5950X models achieve approximately 20-23 kH/s at 105W TDP, delivering 75-85% of the hashrate of newer Ryzen 9 7950X or 9950X (around 25-28 kH/s at 170W TDP) while consuming about 60% of the power, illustrating RandomX's suitability for general-purpose CPUs across hardware generations. GPUs typically achieve less than 5 kH/s even on high-end cards, compared to 1-20 kH/s for consumer-grade processors depending on core count and architecture, enabling individual miners to contribute meaningfully with CPU-only setups that promote decentralization. While feasible on laptops, mining Monero is not recommended on such devices due to excessive heat, noise, performance throttling, hardware wear, and typically negative profitability from inefficient power usage. The PoW mechanism secures the network by mandating that valid blocks solve these puzzles, verifiable by all nodes through execution of the same randomized program under identical conditions, ensuring tamper-evident chain ordering via the longest valid PoW chain rule. Post-upgrade empirical data shows the global hashrate surging from roughly 300 MH/s to over 750 MH/s within days, driven by CPU efficiency gains that mobilized previously underutilized hardware and boosted overall computational security. By 2021, hashrate had grown an additional 89% year-over-year from the upgrade baseline, underscoring RandomX's role in sustaining robust puzzle-solving capacity. Monero's consensus enforces PoW validity by requiring each block's hash to meet the prevailing difficulty, adjusted every block using a formula that incorporates median timestamps from the prior 720 blocks to target a 2-minute inter-block interval. This per-block recalibration, rooted in the CryptoNote protocol's dynamic difficulty model, mitigates variance from hashrate fluctuations, maintaining chain stability without fixed retarget epochs. Unlike emission schedules with halvings, Monero's tail emission of 0.6 XMR per block from May 2022 onward provides perpetual incentives, rendering reward dilution irrelevant to long-term PoW integrity as mining persists indefinitely. The expected time for a miner to earn 1 XMR depends on their hashrate as a share of the total network hashrate. The network produces 0.6 XMR every 120 seconds, equivalent to 0.005 XMR per second; thus, the expected time in seconds is 1 divided by (hashrate share × 0.005). Rewards remain probabilistic, with high variance in solo mining versus more consistent payouts in pools.

Decentralization Efforts

Monero has pursued decentralization in mining through repeated protocol upgrades designed to resist application-specific integrated circuits (ASICs), which can concentrate hashrate among manufacturers and large operators. Initially employing the CryptoNight algorithm, which maintained ASIC-free mining for approximately four years after Monero's 2014 launch, the network executed hard forks in 2018 to variants like CryptoNightV7 and CryptoNightV8, altering parameters such as memory hardness to deter emerging ASICs. These changes aimed to preserve access for general-purpose hardware like CPUs and GPUs, theoretically broadening participation beyond specialized equipment controlled by a few entities. By favoring verifiable, low-barrier mining, such measures align with principles countering hardware monopolies akin to those in centralized tech sectors. A pivotal occurred on November 30, 2019, with the activation of RandomX, a proof-of-work algorithm optimized for CPUs through random code execution and large random accesses, further enhancing ASIC resistance by increasing design complexity and costs for custom chips. This , part of Monero's biannual upgrade cadence, has empirically sustained a hashrate predominantly from consumer-grade hardware, with relegated to marginal contributions—evidenced by benchmarks showing top CPUs like EPYC processors outperforming specialized miners in efficiency. However, theoretical ideals of perfect resistance face practical limits, as minor ASIC deployments persist, underscoring the need for ongoing adaptations amid evolving hardware threats. To mitigate mining pool centralization, where operators could theoretically censor transactions or collude, Monero's community has promoted decentralized alternatives like P2Pool, a peer-to-peer system launched for the network in October 2021 that eliminates central servers and enables trustless share validation via sidechains. P2Pool supports permissionless participation and zero-fee payouts above minimal thresholds, fostering broader node distribution. Despite these efforts, empirical data reveals persistent concentration: top pools have historically commanded 40-50% of hashrate, with instances like a single pool reaching 48% in recent years, prompting diversification campaigns and protocol tweaks to encourage solo or distributed mining. Events such as the August 2025 Qubic pool surge to over 50% hashrate highlighted vulnerabilities, yet community responses, including fork considerations, underscore adaptive strategies balancing theoretical decentralization against real-world operator incentives.

Economic Model

Supply and Distribution

Monero's emission schedule follows a predetermined curve designed to distribute the initial supply through rewards. The main emission phase produced approximately 18.4 million XMR by May 31, 2022, with block rewards decreasing geometrically over time to ensure broad participation without centralized allocation. Following the exhaustion of the main emission, Monero implemented a tail emission of 0.6 XMR per block, occurring every two minutes, resulting in an annual issuance of roughly 157,680 XMR and an rate of approximately 0.87% relative to the base supply. This perpetual subsidy incentivizes ongoing miner participation to secure the network against potential hashrate decay, providing a baseline reward independent of transaction fees or speculative price appreciation. Empirical post-2022 shows sustained network hashrate, with the tail emission acting as a floor for proof-of-work rather than relying on volatile economic assumptions. Monero launched without an (ICO), premine, or developer allocations, with the genesis block distributing coins solely through CPU-accessible to promote equitable initial access and counter concentration risks seen in premined cryptocurrencies. Early favored general-purpose hardware, enabling widespread participation before ASIC dominance, which fostered a decentralized holder base from inception. The protocol's uniform privacy features—applied to all transactions by default—enhance by preventing taint analysis or selective blacklisting of coins based on , thereby supporting Monero's role as an without external judgments on coin history. This intrinsic equivalence across units avoids the value erosion risks in traceable assets, aligning supply mechanics with long-term usability incentives.

Market Dynamics

Monero's market entry occurred in May 2014 following its from Bytecoin, with initial trading prices on platforms like Poloniex hovering around $0.003 to $0.005 per XMR. The experienced substantial volatility, reaching all-time highs of approximately $495 in 2018, $515 in 2021, and $660 in January 2026 amid broader crypto market expansions and heightened trading activity. Price change data for specific dates such as February 2, 2026, is unavailable prior to the event, as cryptocurrency prices are volatile and can only be reported after the date has passed; for current price information, consult live sources like CoinMarketCap or CoinGecko. In 2024, XMR's price roughly doubled to around $157 during a bull market phase, reflecting renewed interest in privacy-oriented assets. As of October 2025, Monero trades at approximately $336 per XMR, yielding a of about $6 billion and a 24-hour trading volume surpassing $150 million. Liquidity persists despite delistings from several centralized exchanges (CEXs) imposed due to regulatory scrutiny of its features, with trading sustained on select CEXs and decentralized exchanges (DEXs) such as those supporting atomic swaps. Trading volumes exhibit spikes during periods of heightened demand for untraceable transactions, often correlating with macroeconomic or geopolitical events amplifying needs. Monero commands a valuation premium attributable to its mandatory privacy protocols, which foster preferential adoption over transparent alternatives like in environments prioritizing , such as certain online marketplaces. Monero's price exhibits a positive but moderate correlation with Bitcoin, typically ranging from 0.4 to 0.7 over rolling periods such as 30 or 90 days, with occasional decoupling due to its privacy-focused nature and regulatory issues affecting exchange liquidity. This empirical edge manifests in sustained demand metrics, though prices remain susceptible to volatility triggered by regulatory announcements targeting privacy coins. For instance, exchange withdrawal restrictions and sanctions on associated addresses have periodically depressed short-term without eroding core utility-driven value accrual.

Adoption and Applications

Legitimate Uses

Monero's design prioritizes transaction privacy through features like ring signatures and stealth addresses, enabling users to conduct financial activities shielded from surveillance, which supports legitimate needs for financial autonomy in environments prone to or overreach. Organizations such as have utilized Monero for donations since August 2017, allowing contributors to support whistleblower initiatives anonymously without reliance on traceable payment processors that faced blockades from financial institutions. This application underscores Monero's role in preserving donor privacy amid geopolitical pressures that previously disrupted traditional funding channels for transparency advocates. Privacy-focused services have integrated Monero for payments to enhance user anonymity. VPN, a provider emphasizing no-log policies, began accepting Monero in May 2022, enabling subscribers to renew services without linking payments to personal identities or addresses, thus aligning with demands for untraceable access to secure browsing in restrictive jurisdictions. Similarly, wallets like Cake Wallet facilitate merchant payments through integrated tools such as Cake Pay, allowing businesses to receive Monero directly without intermediaries, promoting private commerce for vendors wary of transaction monitoring. In contexts of economic instability, Monero serves as a hedge against currency devaluation while maintaining user confidentiality, particularly valuable where governments impose capital controls or inflate local rapidly. Although comprehensive adoption metrics are obscured by Monero's , its fixed supply tail emission—providing 0.6 XMR per block indefinitely after the 18.4 million cap reached in May 2022—offers a predictable resistant to debasement, appealing to individuals in high-inflation settings seeking alternatives to surveilled banking systems. analytics reveal that illicit activity comprises under 1% of total transaction volume as of 2023, indicating that enhancements like Monero's primarily facilitate everyday rather than disproportionate criminality, contrary to amplified concerns.

Illicit Associations

Monero's privacy features have made it a preferred for certain illicit transactions, including those on markets, extortion, and unauthorized mining via . In marketplaces, usage persists despite challenges like exchange delistings; for instance, Bitcoin inflows to DNMs dropped to $2 billion in 2024, with reports noting a shift toward Monero as a superior option for . The launch of new marketplaces declined by 42% year-over-year in 2024, yet the proportion of Monero-exclusive platforms among new launches rose to nearly 50% from over 33% the prior year. Ransomware operators have leveraged Monero for untraceable payouts. The group, for example, demanded ransoms in Monero on victim portals, such as $50,000 in one tracked negotiation, citing its traceability resistance. Similarly, actors associated with Conti have shown preference for privacy-focused coins like Monero over in some operations to evade detection. Cryptojacking malware often targets Monero due to its suitability for CPU-based mining without specialized hardware. The Coinhive JavaScript library, widely abused for browser-based before its 2019 shutdown, focused on Monero and inspired forks that continued unauthorized mining campaigns. In July 2025, hackers infected over 3,500 websites with a Monero cryptojacker exploiting visitor power covertly. In the broader context of 2024 illicit activity, totaling $40.9 billion in received value per estimates, Monero's share remains a small fraction overall, though its limits precise attribution compared to transparent assets like . This usage pattern highlights Monero's role in facilitating anonymous transfers that can shield both illicit actors and privacy-seeking individuals, paralleling untraceable mediums such as cash.

Security Analysis

Attack Vectors

Monero's proof-of-work consensus, reliant on the RandomX algorithm, exposes it to 51% attacks where a majority-hasrate adversary could reorganize recent blocks to facilitate double-spends or censor transactions. The network's hashrate of approximately 4 GH/s in October 2025 raises the economic barrier to sustained attacks, as acquiring sufficient CPU or GPU resources remains resource-intensive, though opportunistic exploits during hashrate fluctuations have materialized. In August 2025, the Qubic pool reportedly surpassed 51% hashrate dominance, prompting short chain reorganizations and allegations of selfish mining, which temporarily undermined confirmation finality. A subsequent incident in September 2025 saw an 18-block reorganization—the deepest recorded—erasing 36 minutes of history and invalidating 118 transactions, attributed to Qubic's strategic during a low-difficulty window that enabled probabilistic chain rewrites and potential double-spends before the honest chain prevailed. Independent analyses, including from the RIAT Institute, later contested the severity as a "staged media stunt" rather than a full , highlighting debates over attack attribution amid conflicting pool operator claims of DDoS interference. Despite these events, the protocol's design limited damage to recent blocks, with the network restoring consensus without halting block production or incurring prolonged downtime. Earlier vulnerabilities included the 2018 "fork wars," where the MoneroV hard at block 1,564,965 proposed a 256 million supply cap and faster blocks, airdropping 10 XMV per XMR held and briefly diverting hashrate before community consensus, developer opposition, and concerns—such as unmasking risks from forked ledgers—marginalized it in favor of the original chain. Distributed denial-of-service (DDoS) assaults on nodes have recurred, notably in 2020 campaigns targeting synchronization to inflate latency and orphan blocks, yet empirical block continuity indicates core protocol resilience with effective uptime exceeding 99.9% since inception, as no incidents have induced multi-hour halts. Exchange-level breaches, such as those prompting large BTC-to-XMR swaps in hacks, indirectly pressure but do not compromise the decentralized itself. Overall, these vectors underscore Monero's robustness under adversarial stress, with recoveries driven by hashrate redistribution and miner incentives rather than centralized intervention.

Tracing Limitations

Efforts to deanonymize Monero transactions on-chain have primarily relied on statistical and analyses, such as those developed by firms like and CipherTrace, which exploit timing patterns, input clustering, or low-mixin outputs. Independent empirical studies, including analyses of -style blockchains, indicate that these methods achieve limited success, with traceability rates often below 10% for transactions using default ring sizes post-2017 protocol upgrades, as higher anonymity sets and enhancements dilute statistical correlations. Poisoned outputs or clustering, intended to taint decoy inputs, prove ineffective against Monero's mandatory ring mixing and stealth addresses, which prevent reliable linkage without external data. The U.S. Internal Revenue Service's 2020 pilot program, offering up to $625,000 each to and Integra FEC for Monero tracing tools, resulted in partial classifiers capable of identifying certain patterns but no comprehensive deanonymization breakthroughs, underscoring the protocol's resilience to funded statistical attacks over the 2016-2020 period. These tools remain constrained by Monero's evolving features, such as bulletproofs and Dandelion++ , which further obscure transaction origins and metadata. Recent 2025 research on anamorphic transactions—privacy-preserving structures that adapt to regulatory scrutiny—highlights Monero's structural barriers to enforced tracing, demonstrating how the protocol evades anti-money laundering mandates without compromising default unlinkability for non-disclosing users. Empirical deanonymization attempts predominantly depend on off-chain leaks, such as exchange KYC data or voluntary view key disclosures, rather than blockchain-inherent vulnerabilities, preserving untraceability for users who avoid such integrations. View keys, which enable selective auditing, remain optional and user-controlled, ensuring that on-chain alone cannot reliably reconstruct transaction graphs in edge cases without additional corroboration.

Controversies

Privacy-Illicit Use Tensions

Monero's design prioritizes transaction through features like ring signatures and stealth addresses, sparking debates over whether this disproportionately enables criminal activity compared to its benefits for legitimate users seeking financial confidentiality. Proponents argue that financial constitutes a fundamental right, essential for protecting individuals from , theft, and in authoritarian regimes or unstable economies. They contend that criticisms overstate Monero's role in illicit finance, as empirical analyses indicate cryptocurrency overall represents a minuscule fraction—typically under 1%—of total transaction volume for illegal purposes, with Monero's usage concentrated in specific niches rather than dominating broader crime ecosystems. Critics, including law enforcement agencies, highlight Monero's appeal to operators evading detection, as evidenced by FBI observations of groups like BlackCat/ALPHV demanding payments in Monero alongside to complicate tracing. Government and media narratives often link Monero to risks, yet global illicit finance remains dominated by traditional methods like bulk cash and , which handle trillions annually versus cryptocurrency's billions in traced illicit flows. reports note Monero's utility in certain laundering services but emphasize declining overall crypto crime volumes, with 2024 illicit receipts at $40.9 billion amid rising legitimate adoption. The Monero community counters that privacy tools are neutral and amoral, akin to or cash, rejecting the presumption of guilt inherent in demands for selective transparency that could erode . They highlight the protocol's open-source, auditable nature, which allows verification of privacy without backdoors, positioning Monero as a bulwark against biased favoring traceable assets over comprehensive data. This perspective critiques institutional incentives—such as those in traceable blockchains—to amplify privacy coins' risks while downplaying fiat's opacity, urging focus on intent over technology.

Governance and Community Issues

Monero's governance operates through a decentralized, community-driven model without a formal foundation or centralized authority, relying on pseudonymous or anonymous core developers who contribute via open-source collaboration. Initial development involved seven contributors in , with five remaining anonymous to prioritize protocol integrity over personal visibility. Funding for upgrades and maintenance occurs primarily through the Community System (CCS), an informal mechanism where proposals are submitted on forums, vetted by the community, and escrowed by the core team using voluntary donations in XMR. This structure enables upgrades insulated from influence or , fostering decisions based on technical merit and broad consensus rather than hierarchical directives. However, the emphasis on and lack of formal has sparked concerns about coordination risks and potential for unaddressed biases in development priorities. A prominent example is the departure of Spagni, known as "fluffypony," who served as lead maintainer until stepping down in December 2019 to focus on other projects, leaving the core team without a singular public figurehead. While this preserves developer independence, critics argue it complicates transparency in decision-making, as seen in occasional forum disputes over proposal approvals or within the CCS. Internal frictions have occasionally manifested in contentious hard s, such as the split that birthed MoneroV (XMV), an altcoin proposed by dissenters advocating for a fixed block size and faster confirmation times to address debates. The MoneroV , activated on May 1, , distributed 10 XMV per XMR held at the snapshot but failed to gain traction, highlighting the risks of fragmented consensus in a permissionless environment where minority views can lead to chain divergences. More recently, a September 14, 2025, 18-block chain reorganization—the deepest in Monero's history—invalidated 118 transactions and reignited debates among developers and miners over proof-of-work vulnerabilities, particularly RandomX's resistance to pool centralization by actors like the Qubic mining entity. This event prompted discussions on potential protocol tweaks, including temporary centralization safeguards or PoW adjustments, though no consensus has emerged, underscoring ongoing tensions between ideals and practical network stability. Despite these challenges, Monero's grassroots model has demonstrated resilience, with over 20 consensus upgrades—including 17 full hard , two partial hard forks, and three soft forks—implemented successfully since inception without prolonged network halts or loss of chain continuity. Regular upgrades, initially biannual, have enhanced features like ring signatures and bulletproofs without external funding dependencies, maintaining a track record of adaptive evolution driven by community signaling rather than top-down mandates. This empirical success contrasts with more centralized cryptocurrencies, avoiding venture-backed dilutions while navigating fork risks through voluntary miner and node adoption.

Regulatory Environment

Historical Responses

In late 2017, implemented a ban on anonymous trading accounts as part of broader efforts to curb speculation and illicit activity following a domestic boom, which indirectly pressured exchanges to restrict privacy-oriented assets like Monero due to challenges in complying with real-name verification requirements. This measure, enforced by the Commission, led to heightened scrutiny of coins enabling untraceable transactions, though full delistings of Monero from major Korean platforms such as occurred progressively into 2018 amid ongoing regulatory demands for enhanced user identification. Regulatory pressures extended to in early 2018, where the (FSA) mandated that licensed exchanges delist "anonymous" cryptocurrencies, including Monero, to align with anti-money laundering standards under the Payment Services Act amendments; this resulted in platforms like bitFlyer and Coincheck removing Monero trading pairs by mid-2018, citing inability to monitor transactions effectively. Similarly, in , exchanges faced delistings around the same period due to AUSTRAC's enforcement of customer rules, which clashed with Monero's features, reducing centralized but prompting users to migrate toward decentralized exchanges (DEXs) like Bisq for trading. The European Union's Fifth Anti-Money Laundering Directive (5AMLD), adopted in April 2018 and requiring transposition by January 2020, expanded AML obligations to exchange platforms and custodian wallet providers, indirectly targeting privacy-enhancing tools by mandating transaction transparency and registration; while not explicitly banning Monero, it heightened compliance costs for exchanges handling such assets and foreshadowed restrictions on mixers analogous to Monero's ring signatures and stealth addresses. In the United States, the (IRS) escalated tracing efforts in September 2020 by issuing contracts worth up to $1.25 million to firms like and Integra FEC for developing tools to deanonymize Monero transactions, building on earlier analysis pilots but acknowledging partial limitations in breaking the protocol's CryptoNote-based ; these initiatives yielded incremental successes in linking off-ramps but spurred Monero's community to refine sizes and introduce decoy outputs via updates like the 2020-2021 hard forks. Empirically, these delistings from centralized exchanges (CEXs) between 2017 and 2020 correlated with a 20-30% drop in visible CEX liquidity for Monero, as measured by order book depth on platforms like Kraken pre-delisting, yet trading volumes shifted to atomic swaps and DEX protocols within the Monero ecosystem, sustaining overall accessibility without compromising core privacy invariants.

Current and Prospective Measures

In 2024 and 2025, regulatory pressures on Monero intensified, with multiple exchanges delisting the cryptocurrency to comply with anti-money laundering directives. Kraken ceased Monero trading and deposits in the European Economic Area by October 31, 2024, citing evolving regulatory requirements under the EU's Markets in Crypto-Assets (MiCA) framework. Similarly, Poloniex delisted Monero globally in April 2025 following scrutiny from the US Treasury Department. Japan and Australia imposed bans on privacy coins like Monero on centralized exchanges, driven by concerns over traceability in financial crime investigations. These actions reflect a broader escalation targeting privacy-enhancing features, though empirical data from blockchain analytics firms indicate that privacy coins represent a small fraction of overall illicit crypto activity, with total illicit volumes dropping to $40.9 billion in 2024 despite persistent use in certain darknet transactions. Prospective measures include the European Union's planned prohibition on privacy coin trading starting in 2027, as outlined by the European Crypto Initiative, which would effectively bar Monero from compliant platforms unless optional disclosure mechanisms like view keys are universally adopted. Proposals for "auditable privacy" protocols—such as those integrating encrypted secret shares with oversight committees—have emerged in academic and industry discussions, aiming to balance with regulatory access for law enforcement. However, Monero's community has resisted such mandates, emphasizing that default protects legitimate users from surveillance overreach, with adaptations like decentralized exchanges (DEXs) and off-ramps enabling circumvention of centralized compliance. forensics reports highlight ongoing challenges in tracing Monero transactions, yet 2025 analyses show no proportional rise in its illicit share amid regulatory crackdowns, suggesting that bans may disproportionately burden as a tool for financial rather than effectively curbing . Looking ahead, Monero developers have explored enhancements like improved peer selection in the October 2025 Fluorine Fermi update to bolster resilience against network surveillance, but core protocol changes such as proof-of-work shifts or layer-2 compliance layers remain unlikely due to the project's commitment to transactions. Regulations appear to favor established, traceable assets held by incumbents, potentially stifling decentralized alternatives that prioritize user over state-mandated transparency. While some advocate hybrid models for selective auditability, empirical resistance persists through protocol upgrades and non-custodial tools, underscoring tensions between innovation in technology and enforcement priorities that overlook causal links between pseudonymity and reduced illicit adoption in transparent chains.

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