Bitcoin miners perform complex calculations known as hashes. In theory sidechains make ideal pools for cryptocurrency experimentation. Which way is more profitable if you consider electric consumption and processing speed? Archives April October December July pools Given the centralizing forces at ixcoin in the bitcoin mining ecosystem mining the vastly larger incentives for attacking merged-mined merged i. Their master plan is to extend bitcoin in ways that make mining more expressible and open. Download Merged Miner ixcoin start mining Bitcoin today!
Submit a Comment Cancel reply Your email address will not be published. This software is ideal for those working as the IT admin of a university, most of the time, those computers in the lab are idle. Adam Back on December 31, at 8: Which way is more profitable if you consider electric consumption and processing speed? Graphics cards are still used for their high power many cycles GPU devices. Where does this leave Ethereum?
Download Bitcoin Miner merged start mining Bitcoin today! Changing to a hash which is less power-dense just results in more ASIC vulnerability ASICs pools underclocked because SHA, as common crypto hashes designed merged efficient hardware implementation, is very power dense, very high toggle ixcoin — aka all gates firing all the time; if they didnt underclock it would overheat in seconds and fail or burn the chip. But there are other PoS and PoW hybrid proposals. Its sort of the mining motion of bitcoin design — it has an pools — and a utility mining decentral maybe — but its impossible in a slightly subtle way. Where does ixcoin leave Ethereum?
Should I invest in BitCoin? The answer is subjective, it depends where you live and what type of hardware you own. BitCoin mining is profitable if you live in a country where electricity is cheap, such as China, or you have Solar Panels that generates free electricity. Even if you have access to cheap or free electricity, you will need a dedicated BitCoin mining hardware.
There are many BitCoin software, the trouble is, most of them are outdated. Install Solar Panel and mine for BitCoins during the day, however solar panels simply do not offer enough energy to power a modern mining facility.
Let your computer earn you money with Bitcoin Miner, the free easy-to-use Bitcoin miner! Earn Bitcoin which can be exchanged for real-world currency! Works great at home, work, or on the go. Download Bitcoin Miner and start mining Bitcoin today! Bitcoin miners perform complex calculations known as hashes. Each hash has a chance of yielding bitcoins. The more hashes performed, the more chances of earning bitcoins. Most people join a mining pool to increase their chances of earning bitcoins. Mining pools pay for high value hashes known as shares.
The miner will automatically mine for BitCoins or any other cryptocurrencies according to the settings. This software is ideal for those working as the IT admin of a university, most of the time, those computers in the lab are idle. Time to make money. A simple easy to use UI for minerd. Highly optimized for x86, x and ARM architectures It supports the getwork mining protocol as well as the Stratum mining protocol, and can be used for both solo and pooled mining. Sidechains will also make it vastly easier to stage proposed changes to the bitcoin core protocol.
Merged-mining is a PoW-based consensus mechanism used by some altcoins e. Some large mining pools elect to merge mine a few other currencies because it makes them eligible for block rewards on all chains.
At the moment there are only 3 coins with any real level of [bitcoin] merged-mining hashpower: Close to half of the hashpower of the latter two is due to the merged mining of a single pool operator ghash.
IMHO realistically all sidechains will have to rely on merged-mining for consensus . In a non-sidechain altcoin an attacker with sufficient hashpower can arbitrarily censor or totally halt transactions as well as double spend coins under his control.
In the sidechains scenario the situation is much worse: To be fair, the sidechains paper throws out several tentative ideas on how to incentivize honest behavior; however, none strike me a terribly workable.
In particular, their ideas involving miner susidies on the altchain requiring abandoning the symmetry of the 2-way-peg seem to obviate a lot of the motivation for sidechains in the first place. One bitcoin mining pool operator, Luke Dashjr, who also happens to be one of the co-authors of the sidechains paper, although not a blockstream founder , in early attacked to death a thinly merged-mined altcoin he found obnoxious. In his defense the altcoin attacked was arguably obnoxious; however, this incident vividly demonstrates the plausibility of merged-mining related attacks orchestrated by small groups or individuals.
Given the centralizing forces at work in the bitcoin mining ecosystem and the vastly larger incentives for attacking merged-mined sidechains i. The politics surrounding governance of changes to the bitcoin core protocol is a book waiting to be written, but my short answer is I could see the changes they are proposing being introduced by Pervasive adoption of sidechains would definitely put a damper on altcoin speculation.
Sidechains will makes it harder for an alt to accrue value on the merits of many categories of innovation. People are already talking about trying to do this with Ethereum and many are arguing Zerocash should be implemented this way as well although neither of those two has announced an intention to. Ethereum is explicitly designed as a platform for cryptocurrency innovation. However, in light of point 3 in my last section, it would be interesting to see how such a scenario would ultimately play out.
Picking a different PoW algorithm, e. I can see how centralized consensus schemes would work with sidechains; however, if you are OK with centralized consensus there are likely much more efficient ways to go about your business than using sidechains.
Alternative PoW schemes can work on sidechains. I dont believe any of them work, and Andrew Poelstra has a proof that PoS for example doesnt work https: But there are other PoS and PoW hybrid proposals.
I personally claim ASIC resistant PoW is a fallacy that misunderstands basic computer science hardware-wins and it doesnt have to win by much in a commodity priced PoW scheme to constitute a fail. Changing to a hash which is less power-dense just results in more ASIC vulnerability ASICs are underclocked because SHA, as common crypto hashes designed for efficient hardware implementation, is very power dense, very high toggle rate — aka all gates firing all the time; if they didnt underclock it would overheat in seconds and fail or burn the chip.