Best SCRYPT Cloud Mining Companies – Best Cloud Mining – Bitcoin – Crypto Mining Comparison
What is Scrypt algorithm?
The Scrypt algorithm is a modified version of the algorithm created by Colin Percival for an online backup service. The main reason for the original algorithm wasgoed to create a computationally intensive algorithm, which requires a large amount of memory to perform. This way the brute force attacks becomes too expensive to execute on large scale.
The Scrypt cryptocurrency mining algorithm is used spil a Proof of Work algorithm.
Which coins are using Scrypt?
The Scrypt algorithm has bot originally designed ter cryptography to prevent large-scale custom-built hardware attacks by requiring large amount fofmemory. It is used spil a proof-of-work scheme by a number of cryptocurrencies by now.
The very first altcoin introducing Scrypt spil a hashing algorithm wasgoed Litecoin ter 2011, developed by Charlie Lee, a former Google employee.
Litecoin has bot followed by Dogecoin and Gridcoin te 2013. Dogecoin wasgoed introduced spil a joke currency based on the featuring a Shiba Inu dog from the “Doge” Internet meme. It is however quickly developed its own online community and proved it can be a valuable asset for charity based payments. Gridcoin seeks to distinguish itself from Bitcoin by adopting “environmentally-friendly” approaches to distributing fresh coins and securing the network. Most notably, Gridcoin implements the novel Proof-of-Research (POR) scheme, which prizes users with Gridcoin for performing useful scientific computations on BOINC (Berkeley Open Infrastructure for Network Computing), a well-known distributed computing toneelpodium.
Ter 2014 extra Scypt algorithm based crytocurrencies appeared on the market. Auroracoin has bot created to serve spil an alternative to fiat currency ter Iceland due to the reaction to the latest financial laagconjunctuur experienced ter the country. BlackCoin wasgoed created by the developer Rat4, the expected time for a confirmation is only 64 seconds. Its Proof of Stake system secures the protocol through an efficient, decentralized process called “minting”. And at last, but not least, PotCoin is also using Scrypt algorithm. This coin wasgoed developed to service the legalized marihuana industry.
Which hardware can you use for mining with Scrypt algorithm?
Te order to perform cryptocurrency mining based on Scrypt algorithm, sufficient amount of memory needs to be built into the mining system. This implementation wasgoed a ongezouten response to the dominance of ASIC miners on the Bitcoin network. ASICs were originally designed to perform SHA-256 calculations. Due to the need of memory for a long time, Litecoin wasgoed more decentralized than Bitcoin spil being ASIC-resistant.
Until the ASIC miners appeared on the market for Litecoin and other similar altcoins, the Scrypt based mining with power CPUs wasgoed a profitable option to mine cryptocurrencies. However, spil the industry evolved Scrypt based ASIC miners appeared on the market. Thesis Application-Specific Integrated Circuit chips (ASICs), the mining hardware which is created solely to solve the hashing function of this specific algorithms is the most cost-efficient way to run your mining equipment nowadays.