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Author: Admin | 2025-04-28
Bitcoin for themselves, without having to pay fees to a third party.Mining power may become distributed throughout several large companies that will either lend this power or mine bitcoins for themselves. If the second scenario plays out, user-based mining will disappear altogether.Another big problem is that any one company may lay hold of 51% of the network’s computing power, successfully monopolizing control of the protocol.ASICs for Scrypt miningBefore 2014, ASIC miners were only built to work with the SHA-256 hash function (used by Bitcoin) Most individual miners were transitioning to mine Litecoin and its forks, which are all based on the Scrypt algorithm and didn’t have specialized equipment manufactured for them. Building large mines for Litecoin was not profitable because they needed a multitude of GPUs which consumed huge amounts of electricity and required powerful cooling systems.But by mid-2014 ASIC miners for Scrypt began to sell on the market, raising the difficulty of Scrypt-based crytpocurrencies.See Also on BitcoinWikiASIC mining poolBitcoin weaknessesForksIceDrillMacMinerMining: the technical partReferences↑ Kishalaya Kundu, What is ASIC?, Beebom.com, 5/09/17. Retrieved 25/02/18.↑ Ian Poole, ASIC basics tutorial, Radio-Electronics.com, n.d.. Retrieved 25/02/18.↑ 3.03.1 Bitcoin Mining Harwdware Guide, bitcoinmining.com, n.d. Retrieved 25/02/18↑ 4.04.1 Mike Murray, Mining bitcoin with a GPU in 2018, thegeekpub.com, 2/01/18. Retrieved 25/02/18.↑ Jordan Tuwiner, Bitmain Antminer S9 Review, Buy Bitcoin Worldwide, 27/06/17. Retreived 25/02/18↑ 6.06.1 Jordan Tuwiner, Bitcoin Mining Hardware, Buy Bitcoin Worldwide, 27/06/17. Retreived 25/02/18↑ John Kelleher, What is Bitcoin Mining?, Forbes.com, 8/05/14. Retrieved 26/02/18↑ 8.08.1 n.d., How does cloud mining bitcoin work?, Coindesk.com, n.d. Retrieved
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