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Many popular cryptocurrencies are proof-of-work based, where a task is done in exchange for a reward. This type of cryptocurrency is normally based on a specific hashing algorithm where this 'work' would be done , some of the more well-known ones are:. This means that the people who create these ASICs are able to earn money though mining with them significantly faster than anyone that doesn't have them.
ASICs have been created for all of the above algorithms. It's not the first to attempt this; Litecoin attempted to use the Scrypt algorithm, which is designed to counter ASICs by requiring large amounts of memory compared to SHA This worked for a time, but since January Scrypt ASIC devices started becoming available privately, and publically, over time. Vertcoin's approach has been to require more memory over time - making any ASIC work only for a short time before modifications need to be made they refer to this as an adaptive N-Factor.
Many cryptocurrencies like Bitcoin have had millions of dollars invested in ASICs for the associated algorithms, so the developers of these are under significant pressure to not change the associated algorithm as the ASIC miners control so much of the mining power. The team behind Vertcoin has publically stated that if an ASIC is ever developed that works for their algorithm, they'd change the associated algorithm in a hard fork.
This needs to be adopted by a large percentage of miners and, given the community around the coin, would very likely be adopted straight away to deter any ASIC from gaining a large percentage of the mining power. Here is a nice Infographic posted on Reddit with some highlights of Vertcoin's features.
We've tried to focus on summarising Vertcoin rather than analysing its profitability, after a search we came across these graphics cards which seem to be popular for mining it these are affiliate links:. We're big fans of Vertcoin! It has lots of interesting features, and is taking steps to stay minable for the everyday person.
In the near future there are some factors that might affect the Vertcoin mining difficulty though. Soon, Ethereum will be switching from proof-of-work to proof-of-stake, which may cause the people currently mining Ethereum to move over to coins like Vertcoin. So be aware before you buy a GPU to start mining Vertcoin that the difficulty might increase sharply if this happens. This site cannot substitute for professional investment or financial advice, or independent factual verification.
This guide is provided for general informational purposes only. The group of individuals writing these guides are cryptocurrency enthusiasts and investors, not financial advisors. Trading or mining any form of cryptocurrency is very high risk, so never invest money you can't afford to lose - you should be prepared to sustain a total loss of all invested money.
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Don't rush into anything, do your own research. As we write new content, we will update this disclaimer to encompass it. We first discovered Bitcoin in late , and wanted to get everyone around us involved. But no one seemed to know what it was!
We made this website to try and fix this, to get everyone up-to-speed! Click here for more information on these. All information on this website is for general informational purposes only, it is not intended to provide legal or financial advice. What is an ASIC? This type of cryptocurrency is normally based on a specific hashing algorithm where this 'work' would be done , some of the more well-known ones are: If this goes well and lots of other coins don't do the same thing it could cause significant gains in the price of Vertcoin.
Mining Vertcoin is very easy compared to most cryptocurrencies, as it has a one-click miner available software which can easily be installed, and configured to mine in just a few clicks. Mining hardware We've tried to focus on summarising Vertcoin rather than analysing its profitability, after a search we came across these graphics cards which seem to be popular for mining it these are affiliate links: Closing thoughts We're big fans of Vertcoin!
April 6th, What is Monero? Written by the Anything Crypto team We first discovered Bitcoin in late , and wanted to get everyone around us involved. Never invest money you can't afford to lose.