Can i use an asic mine altcoin

Counterparty is an example of a Bitcoin-based platform which enables tokenization, as famously? A lot of that money flowed into real estate purchases in Western cities such as Vancouver. However, it’s not profitable for most people as mining is a highly specialized industry. But if you are a small time fish looking to dip your toes into the crypto mining for the first time worry not, as these mining mechanics have been utilized by numerous altcoins as well, to ensure constant and fair distribution of their tokens.

Mining Securely

By using our site, you acknowledge that you have read and understand our Cookie Policy l, Privacy Policyand our Terms of Service. Yes, there are designs for Litecoin mining FPGA bitstreams, but they are not very efficient currently. Litecoin uses scrypt instead of sha as its crypto function. There are company working on ASIC chip for scrypt promising release during current year. Home Questions Tags Users Usw. Ask Question. Asked 6 years, 3 months ago.

What is Bitcoin Mining?

ASIC mined coins e. So while there is some risk in buying an ASIC miner to mine a coin because it can potentially become useless, many ASICs can be quite profitable over the long run. I ended up buying one on Amazon and it turned out that I actually got scammed. However Amazon came through for me and I was refunded. This will vary based on what you mine and how you want to be paid out. For example, you can mine on a Litecoin pool and get paid directly in Litecoins, or you can mine on Nicehash and get paid in BTC.

By using our site, you acknowledge that you have read and understand o Cookie PolicyPrivacy Policyand our Terms of Service. Yes, there are designs for Litecoin mining FPGA bitstreams, but they are not very efficient currently. Litecoin uses scrypt instead of sha as its crypto function. There are company working on ASIC chip for scrypt promising release during current year. Home Questions Tags Users Unanswered. Ask Question. Asked 6 years, 3 months ago. Active 1 year, 1 month ago.

Viewed 13k times. Loourr Loourr 3, 4 4 gold badges 13 13 silver badges 34 34 bronze cn. I found this discussion on bitcointalk very informative. The limiting factor to aotcoin fast you can mine is how many scrypts you can do, and Bitcoin mining ASICs don’t do any scrypts. Meni Rosenfeld Meni Rosenfeld What would altcokn ASIC implementation look like for scrypt, technically speaking?

My understanding is that alltcoin comparatively large memory requirement would need to somehow be addressed in an ASIC design. Riccardo Casatta Riccardo Casatta 2 2 silver badges 8 8 bronze badges. Sign up or log in Sign up using Google. Sign can i use an asic mine altcoin using Facebook. Sign up using Email and Password. Post as a guest Name. Email Required, but never shown.

A holiday carol for coders. Featured on Meta. Update: an agreement with Monica Cellio. Linked 0. Related 6. Hot Network Questions. Question feed. Bitcoin Stack Exchange works best with JavaScript enabled.

Share Difficulty

This mechanism makes the computational requirements harder based on factors like available hardware and can i use an asic mine altcoin. If you pasted correctly — as a string hash with no spaces after the exclamation mark — the SHA algorithm used in Bitcoin should produce:. Mine and accumulate the new coins as much as you can and hope the price will rocket some time later once it hits bigger exchanges and broader community gets to know it. By contrast, Bitcoin mining represents an effective means to preserve wealth without creating such undesirable and risky market distortions. The X16R algorithm is actually 16 different algorithms, which are used randomly during mining and the order depends on the hash of the previous block. Bitcoin Stack Exchange works best with JavaScript enabled. Whether it was the Roman Empire debasing its coinage or modern central banks inflating the supply of fiat money…. If an altcoin uses the SHA double hash algorithm for their proof of work algorithm, then yes, you can use antminers or any other Bitcoin mining hardware to mine those altcoins. Rise of the Digital Autonomous Corporations and other buzzwords! Savers naturally seek to protect their fiat savings by translating them to a more durable form, such as foreign currency or investments. At this point, the transaction has not yet entered the Blockchain. Journal Mining. Green sends 1 bitcoin to Red. Over the millennia, history has repeatedly shown that prosperity depends on sound money. Featured on Meta. It is also one of the best cryptocurrencies to mine these days. If you have less than two graphics cards then you should pick Network 2; if you have more you should pick Network 1.