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Bitcoin Mining with ASICs. Photo Credit: Mirko Tobias Schaefer CC BY 2.0
SHA-256
The dawn of cryptocurrency began with Bitcoin, and in its wake
came SHA-256 integrated for Bitcoin mining. SHA stands for
Secure Hashing Algorithm and is a part of the SHA-2 family of
hashing algorithms. SHA-2 is the predecessor of SHA-1 which is
now considered insecure and obsolete. SHA-256 is considered to
be one of the most secure cryptographic algorithms in existence
and is the security standard in many intelligence agencies around
the world. The algorithm family itself was created by the United
States National Security Agency (NSA), and is released royalty free
Yes, we can cool down USB Bitcoin Miners! Photo Credit: brownpau CC BY 2.0
At the time, miners were becoming less and less likely to sell their
coins at a loss, as demand increased along with the difficulty level
of mining, the market took an upwards trend in direction. As more
and more miners entered the network, Bitcoins difficulty
automatically increased to keep the block time consistent, this made
mining harder. What happened next would change the SHA-256
algorithm forever ASIC miners were developed. ASICs could
mine Bitcoin hundreds of times faster than GPUs and CPUs, using
only a fraction of the electricity at much less of the cost than a
competing GPU or CPU rig, with the added benefit of less heat and
noise output within a smaller physical footprint, ASICs completely
took over the market.
As ASICs began to flood the market, hobbyists and tinkerers that
reaped the benefit of being early adopters were completely pushed
out of the market. As ASIC companies competed for the best
kilowatt to hash ratio, with smaller footprints, less noise, less heat,
and the lowest price, investors poured money into this new, very
lucrative industry, and thus the Bitcoin arms race began. To mine a
SHA-256 coin, GPU and CPU mining is not advised, the hash
power of GPU and CPU rigs is too insignificant to make a profitable
impact. SHA-256 is also very power hungry, thus any returns would
most likely be close to nothing or even in the red with no
foreseeable return on investment. The most profitable, cost-efficient
Bitcoin Mining with RaspberryPi at 8GH/s and 42 watts. Photo Credit: Dennis Yang
CC BY 2.0
Scrypt Mining
Scrypt was first introduced in cryptocurrency mining with the
introduction of Litecoin. Benefits of the Scrypt algorithm included
lower block times than Bitcoin, and ASIC resistance. Ironically,
Scrypt was implemented as a solution to Bitcoins GPU mining,
which was seen as too centralized for Litecoins developers, thus
Scrypt was implemented to prevent Litecoin from being mined using
GPUs. For whatever reason, Scrypt never achieved that goal and
GPU miners flooded the network in any case. Scrypt was originally
invented by Colin Percival for the Tarsnap online backup service,
the service touts that Scrypt makes it tremendously expensive for
custom hardware attacks to be conducted and is thousands of times
more secure than many popular cryptographic algorithms in use
Mining Litecoins for a handful of dollars a day. Photo Credit: Mirko Tobias Schaefer
CC BY 2.0
Scrypt-ChaCha
Scrypt-ChaCha continues in the wake of what Scrypt and is closely
related to Scrypt-N, an ASIC resistant algorithm that keeps ASIC
miners from taking up network shares, however ScryptChaChatakes things a step further and implements the original
intentions of Scrypt, which is complete decentralization from ASICs
and the eventual one to one equilibrium between GPUs and CPUs.
The Scrypt-ChaCha algorithm uses what is known as an N-Factor,
which is a number that goes up overtime, this number influences
the amount of RAM required to mine and also makes it easier for
CPUs to mine while subsequently making it harder for GPUs.
Overtime, this makes Scrypt-ChaCha coins more decentralized as
anyone with a CPU can mine. Unlike Scrypt-N which allowed coin
developers to program when the N-Factor changes occur, ScryptChaCha follows a set schedule which adjusts difficulty according to
the algorithm itself. Scrypt-ChaCha based coins are programmed to
go from a complete GPU edge to a one to one equilibrium with
GPUs over the course of many years. Think of Bitcoin mining in
reverse.
Did you already assemble your own Scrypt Mining Machine? Photo Credit: Steven
Nekhaila
X11
The X series of algorithms first debuted with Darkcoin and was
invented by Darkcoins creator, Evan Duffield. X11 is a hashing
algorithm that includes eleven different hashing algorithms bundled
X11
X12
X13
X14
X15
X17
blake
blake
blake
blake
blake
blake
bmw
bmw
bmw
bmw
bmw
bmw
groestl
groestl
groestl
groestl
groestl
groestl
jh
jh
jh
jh
jh
jh
keccak
keccak
keccak
keccak
keccak
keccak
skein
skein
skein
skein
skein
skein
luffa
luffa
luffa
luffa
luffa
luffa
cubehas
cubeha
cubeha
cubeha
cubeha
cubeha
sh
sh
sh
sh
sh
shavite
shavite
shavite
shavite
shavite
shavite
simd
simd
simd
simd
simd
simd
echo
echo
echo
echo
echo
echo
ocean?
hamsi
hamsi
hamsi
hamsi
fugue
fugue
fugue
fugue
shabal
shabal
shabal
whirlpo
whirlpo
ol
ol
loselos
e
djb2
Source: www.getpimp.org/community/blog/144-what-are-all-these-x11,-x13,x15-algorithms-made-of.html
Conclusion
Well ladies and gentlemen, that essentially wraps up our algorithm
comparison here, I hope that you have found the algorithm you are
looking for, or have learned a little bit more about the algorithm of
the coin you are looking to mine. Navigating the world of
cryptocurrencies can be a bit overwhelming for miners, and there
are many factors to consider when picking the perfect coin to mine
and the chosen algorithm can deeply affect that decision. If you are
an ASIC miner who prefers the big guns, a small time CPU miner
who prefers decentralization, or a GPU hobbyist who enjoys
building your rigs and mining off them too, knowing the pros and
cons of each algorithm can you help you make an informed
decision on what coin to mine. So now all that is left to you is to find
your preferred coin that offers the developments, community and
potential you like, and mine to your hearts content!
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Matthias says:November 18, 2014 at 9:42 pmWorthwhile read! Thank you for
sharing!Reply
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John says:December 11, 2014 at 8:04 pm1.there are SHA 256 d coins with
shorter than 8 minute block times. The block time length was
chosen because of networking infrastructure hoohah2. scrypt
mining is NOT profitable with GPUs. dont even try.3. GPU miners
and ASIC miners may live in harmony in what is called a Multi
Proof of Work system. basically there is more than one algo for
mining the same ONE blockchain and each algo shares the work
of verifying transactions and are rewarded in a way that doesnt
unfairly reward those with bigger pockets (re: arms race of miners)
Myriad OR Myriadcoin has been pioneering the way for cryptos to
not suffer from ASIC centralization of mining and therefore coins in
the hands of the masses.@Aantonop gives a tip of the hat to
Myriad in his book, Mastering Bitcoin, (an O Reilly publication) and
I guarantee more and more coins will take the route Myriad has
built into this increasingly of a clusterfuck of a
hobby/idea/currency/money/network/technology/space because of
the positives it brings to the crypto community as a whole.Fire up