Home Altcoin Verge (XVG) Mysteriously Jumps 11% After Mining Code Malfunction

Verge (XVG) Mysteriously Jumps 11% After Mining Code Malfunction

Verge (XVG), a privacy-oriented cryptocurrency that has suffered various attacks throughout its history, has mysteriously seen its price jump over 11% in the last 24 hours, even after seeing mining code malfunctions that saw its developers consider a transition to Proof-of-Stake (PoS).

According to CryptoCompare data, XVG is currently up against the US dollar, even after seeing a small correction from its jump to a $0.071 high, up from roughly $0.0058. Given the price jump, the cryptocurrency is currently up by 9.6% in the last 30 days.

XVG's price performance in the last 24-hour period

Notably, it’s unclear what’s behind XVG’s rise, as the cryptocurrency has seen what various analysts perceived as bad news in the last few days. On the VergeCurrency subreddit, a thread on the price rise has seen various users question the price movement in the comments section.

Potentially connected to the rise is a mysterious tweet from Sunerok, Verge’s founder and lead developer, which reveals he accidentally shared a sign-up process that was only set to be revealed on Monday, March 4.

Verge made headlines last year, as it was hit with various 51% attacks after partnering with MindGeek, an adult entertainment firm that owns popular websites like Pornhub.

Verge’s Difficult Year

While Verge wasn’t the only cryptocurrency being hit with a 51% attack recently, it made headlines over its partnership with MindGeek and an upgrade it had that increased its privacy features.

As CryptoGlobe covered, back in April one attack on its network netted a malicious miner over $1 million worth of XVG tokens, and later on unusual mining data suggested another attack was taking place.

Although the cryptocurrency partnered with MnidGeek to see Pornhub and other websites in its network accept XVG as a payment method for its premium subscriptions, the adult entertainment giant later on partnered with TRON and Horizen, making it clear Verge wasn’t its exclusive cryptocurrency partner, as it had claimed.

Pornhub, in fact, later on partnered with PumaPay, a blockchain-based payment solutions provider, to enable recurring cryptocurrency payments. All of these partnerships took a toll on Verge, which has been creating various other partnerships of its own.

Recently, a mining code malfunction has seen the cryptocurrency’s developers consider moving it from a Proof-of-Work (PoW)-based consensus to a Proof-of-Stake (PoS) based one, as miners have been having a “difficult time setting up a working mining environment due to non-existing timestamps in Coinbase transactions.”



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