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Merged mining is an innovative method of mining two or more cryptocurrencies simultaneously without compromising the mining performance. Thus, a miner can utilize computational power to mine multiple blockchains. However, all the involved cryptocurrencies must follow the same algorithm to perform merged mining.
Let’s explore merged mining, its techniques, and how it works in detail with this blog.
What is Merged Mining?
Merged mining is the process of mining multiple PoW-based cryptocurrencies that share the same hash algorithm simultaneously using the same mining hardware. Thus, miners can earn significant mining rewards by contributing their computational power to multiple blockchains at the same time.
Satoshi Nakamoto, the anonymous creator of Bitcoin, proposed the merged mining technique way back in 2010. That allowed miners to mine another cryptocurrency along with the primary or parent blockchain, Bitcoin. The other blockchain that works alongside the parent blockchain in merged mining is called an auxiliary blockchain.
The only condition for merged mining is that the other cryptocurrency should also follow the same mining algorithm as Bitcoin, which is SHA-256.
How does Merged Mining Work?
Merged mining means mining multiple cryptocurrencies simultaneously without compromising the mining performance. The technique behind merged mining is using Auxiliary Proof of Work (AuxPoW). For example, the AuxPoW leverages the work done on one blockchain as valid work on another blockchain.
In simple words, the primary or original blockchain that offers the proof of work is called the parent blockchain, whereas the one that accepts the work as valid is called an auxiliary blockchain.
However, the prerequisite for merged mining is all the involved cryptocurrencies should follow the same algorithm. For instance, if you want to mine cryptocurrencies along with Bitcoin, those cryptocurrencies should also follow Bitcoin’s SHA-256 algorithm.
The parent blockchain and auxiliary blockchain work together to mine your preferred cryptocurrencies. However, the parent blockchain will not undergo many modifications, while the auxiliary blockchain should be optimized to accept the work of the primary or parent blockchain.
The question of whether the merged mining is good or bad is still under debate. Some claim that merged mining increases blockchain security and reduces the possibility of blockchain attacks. However, others say that merged mining doesn’t really enhance blockchain security.
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Dogecoin is a cryptocurrency that was started as a meme and fun alternative to traditional cryptocurrencies like Bitcoin, Ethereum, etc. Developed by Billy Markus and Jackson Palmer, Dogecoin got its name from the Shiba Inu dog from the Doge meme as its logo and mascot. That gave instant popularity and a unique identity to Dogecoin.
Dogecoin functions on a decentralized network and follows the Proof-of-Work (PoW) algorithm like Bitcoin. Though it started as a meme, Dogecoin gained attention over the years and gained a dedicated community.
Let’s delve deeper into Dogecoin, its features, and how it works.
Dogecoin is an open-source cryptocurrency that was created as a lighthearted alternative to traditional cryptocurrencies like Bitcoin. Launched in 2013, Dogecoin is abundant, unlike Bitcoin, which was designed to be scarce. So, Dogecoin has no maximum supply.
Dogecoin follows the PoW consensus mechanism, which is a computationally intensive process. Thus, miners will need advanced mining hardware with excellent hash rate and energy efficiency to solve complex puzzles and mine new Dogecoins. Upon confirmation, the transactions are added to a decentralized public ledger.
Dogecoin attracted several eyeballs due to the tremendous price surge in May 2021. It is most probably due to social media-driven trends. For instance, Tesla Elon Musk’s tweet on Dogecoin is partly responsible for the price surge. However, the price dropped in the later months of 2021. No one can predict when the Dogecoin price will fall or surge again, as it depends on several factors. Thus, users should watch the market closely before making any investment decisions.
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Created as a lighthearted alternative to traditional cryptocurrencies in 2013, Dogecoin has become a potential altcoin in the crypto space. Many prefer Dogecoin as it is relatively easier to mine than other cryptocurrencies.
Dogecoin became massively popular after Tesla’s Elon Musk promoted Dogecoin multiple times through his tweets. Moreover, Dogecoins are designed to be abundant, unlike Bitcoin or Litecoin, which undergo halving to create scarcity.
With around 10,000 new Dogecoins mined every minute with no maximum supply, Dogecoin mining is one of the potential fields to explore in the crypto space. Let’s discuss the top 5 Dogecoin miners of 2024 that you can leverage for your Dogecoin mining this year.
A Brief on Dogecoin Mining
Though Dogecoin is often seen as a meme coin, it is also an open-source and decentralized cryptocurrency. Backed up by blockchain technology, Dogecoin mining involves validating transactions by solving complex cryptographic puzzles within a stipulated time and adding them to the decentralized public Dogecoin ledger.
Since Dogecoin follows the Proof-of-Work (PoW) consensus mechanism, miners must use advanced hardware like ASICs with high hash rates to solve puzzles faster and mine Dogecoins more easily. Miners get rewarded in newly minted Dogecoins for contributing their computational resources.
Dogecoin mining is comparatively simpler than traditional cryptocurrencies. However, mining it with CPU or GPU can be tiresome and inefficient. Leveraging ASIC miners programmed explicitly for the Scrypt algorithm for your Dogecoin mining is highly recommended.
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As a top cryptocurrency, Bitcoin has attracted not just investors but also miners. Bitcoin mining is nothing but verifying transactions before adding them to the blockchain ledger. The mining process is crucial to prevent any fraudulent activities like double-spending and keep the network decentralized.
Miners use sophisticated devices like ASICs during the mining process to solve complex algorithms and validate transactions. The miner who solves the puzzle first gets paid in Bitcoin for contributing computing power.
Now, let’s see Bitcoin mining in detail. Stay tuned to learn more about how Bitcoin mining works, the costs involved, and the possible Bitcoin mining profitability.
How does Bitcoin Mining Work?
Bitcoin mining involves verifying transactions before adding them to the blockchain. Since Bitcoins are decentralized and no third party like banks governs the transactions, miners validate transactions to prevent any fraud.
However, Bitcoin mining is a complex process that demands specialized equipment to solve cryptographic puzzles. Miners will be rewarded with freshly minted new Bitcoins based on their contributions like computing power, time and energy in validating transactions.
Let’s decode the comprehensive Bitcoin mining process and better understand it.
1. Setting up the Mining Hardware
The first and foremost thing you will need for Bitcoin mining is specialized mining equipment. Since Bitcoin mining demands excessive energy, it is nearly impossible to mine Bitcoins with your regular computer.
ASICs (Application Specific Integrated Circuits) are advanced mining machines that come with excellent hash rate, energy efficiency and computing power, enabling you to solve puzzles faster and mine blocks sooner.
These ASICs are highly sophisticated machines that are finely programmed for the specific mining algorithm. For instance, Bitcoin ASIC miners are programmed for the Bitcoin mining algorithm, SHA-256. Thus, miners can mine their intended cryptocurrency efficiently despite the network difficulty.
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Other than SHA-256 mining, Scrypt mining is one of the significant mining algorithms used by various prominent cryptocurrencies like Litecoin and Dogecoin. An enhanced and simpler version of the SHA-256 algorithm, the Scrypt algorithm has attracted many miners towards Scrypt mining. Moreover, Scrypt mining is much faster than Bitcoin mining.
Just like Bitcoin mining, Scrypt mining follows the PoW (Proof of Work) consensus mechanism like SHA-256, demanding miners to solve complex mathematical problems within the stipulated time. Hence, users need advanced mining hardware finely optimized for the Scrypt algorithm to mine Scrypt coins efficiently.
Let’s see Scrypt mining needs and the top 5 Scrypt miners in 2024 that you can utilize for your Scrypt mining.
Prerequisites for Scrypt Mining
Scrypt is a highly memory-intensive algorithm, and a password-based key derivation function that demands miners use advanced mining hardware with high computational power. Moreover, Scrypt also follows the PoW consensus mechanism like SHA-256 mining, requiring miners to solve complex algorithms instantly. Thus, general-purpose devices like CPUs and GPUs will not be efficient in Scrypt mining.
Though Scrypt algorithms are known for their ASIC resistance, the algorithm has evolved to accommodate ASICs due to the mining network difficulty, competition, and efficiency.
So, what are the requirements for Scrypt mining? What things will you need to build a robust Scrypt mining rig?
Bitmain Antminer K7 mining Eaglesong algorithm has a maximum hash rate of 63.5Th/s at a power consumption of only 3080W. Bitmain is a well-known mining hardware manufacturer that was established for its high-quality products. Antminer K7 is no exception, giving an excellent energy efficiency of 48.5 j/Th.
Setting up Antminer K7 is pretty straightforward. Here is a quick setup guide for Bitmain Antminer K7 with step-by-step instructions and relevant images. Get to know it right from opening the shipment box to the detailed setup process.
Step-by-step guide for Setting up the Antminer K7
1. Preparing the ASIC
Place your Antminer K7 on a flat surface and in a well-ventilated place, as the machine will release heat. Also, ensure you have a network connection in that area, as ASICs don’t support wifi.
The power requirements of any ASIC miner are relatively high, over 3000W. Thus, the regular home power setup won’t work. You need a dedicated power infrastructure for your ASIC miner.
Litecoin is an open-source, secured, decentralized blockchain network that facilitates instant transactions. In fact, Litecoin can handle higher transaction volume than the most popular cryptocurrencies like Bitcoin due to frequent block generation.
The wallet encryption feature of Litecoin prevents wallet-stealing viruses and ensures your authorization before sending payments. Above all, Litecoin miners receive 6.25 new Litecoins per block, and the network is scheduled to produce 84 million Litecoins, which is four times more than Bitcoins, making Litecoin mining a lucrative field for miners.
Launched shortly after Bitcoin, Litecoin (LTC) was considered a potential altcoin in 2011. Since Litecoin is built by modifying the Bitcoin network, it has many similar features to Bitcoin. Both Bitcoin and Litecoin are open-source and decentralized global payment networks but vary in the mining algorithm.
Bitcoin follows the PoW-based SHA-256 algorithm, whereas Litecoin follows the same consensus mechanism but a different mining algorithm, Scrypt. In those early days, Litecoin was the best alternative to Bitcoin and was famously known as silver to Bitcoin’s gold.
SHA-256, which stands for Secure Hash Algorithm, is a cryptographic hash function that converts any input data to a fixed alphanumeric string of 256 bits. Developed by the U.S. Government’s National Security Agency (NSA), SHA-256 is the most preferred cryptographic hash function for data security.
The hashing algorithm is considered highly secure as it generates unique and irreversible hash values. Thus, it is the most preferred security mechanism that is widely used in various security applications like digital signatures, password authentication, blockchain, cryptocurrencies, etc.
The Secure Hash Algorithm (SHA-256) is the most used hashing algorithm in cryptographic security. The algorithm processes the input data through a refined mathematical function, generating a unique output hash of a fixed size of 256 bits. The output hash is used as a digital signature as it depicts the original data.
The National Security Agency (NSA) in the United States introduced SHA-256 in 2001 as a successor to the SHA-1, which was vulnerable to attacks. Since the SHA-256 produces a fixed string of characters regardless of the input data, it is highly secure. For instance, the SHA-256 generates a hash of 256 bits long, making it computationally challenging for anyone to retrieve the original input from the hash value, keeping the data integrity intact.
The KHeavyhash algorithm is a tailored hashing algorithm explicitly programmed for mining the cryptocurrency Kaspa (KAS). When most mining algorithms depend on GPU memory, the KHeavyhash algorithm involves matrix multiplication sandwiched between two standard Keccak hashes, which is commonly known as SHA-3.
That makes KHeavyhash computationally intensive, enabling miners to indulge in dual mining — miners can mine other cryptocurrencies that utilize memory-intensive mining algorithms alongside Kaspa.
Let’s delve deeper into the intricacies of the KHeavyhash algorithm
What is the KHeavyhash Algorithm?
Kaspa, the fastest, open-source, decentralized, and fully scalable Layer-1, follows the KHeavyhash algorithm. The unique feature of KHeavyhash is its process, which is a matrix multiplication sandwiched between two standard Keccak hashes, which is most often referred to as SHA-3. This specific feature makes the KHeavyhash algorithm ideal for mining hardware.
Moreover, the KHeavyhash algorithm is computationally intensive and is compatible with dual mining. Simply put, miners can mine Kaspa and other cryptocurrencies that use memory-intensive mining algorithms simultaneously. That, in turn, enables miners to fine-tune their hardware according to their mining preferences and market trends.
In fact, Kaspa’s KHeavyhash is supported by prominent and industry-leading Kernel developers. The algorithm is integrated into various mining software solutions as standalone and dual-minab
What is the Scrypt Algorithm?
Developed by Colin Percival in March 2009, the Scrypt algorithm is one of the early algorithms that was an enhancement of the traditional algorithm, SHA-256. Scrypt is created as a password-based key derivation function that was ideally designed to prevent specific hardware-based unethical attacks.
To be precise, Scrypt is built for ASIC resistance, discouraging any privileged miner from taking advantage of the mining network with advanced mining hardware like ASIC. Since Scrypt is built computationally-intensive and highly memory-demanding to compute, it is quite challenging for any attackers to derive cryptographic keys or crack passwords. That adds an extra layer of security to the blockchain network.
