Without a doubt, cryptomining is one of the points that most interest creates in the cryptocurrencies users. This is due to how striking it sounds to get a reward for the work of our CPUs or GPUs. However, not all cryptocurrencies can be mined with both types of tools, and this has a lot to do with their algorithms. That’s why it’s important for anyone who wants to venture into the world of cryptomining to know a little about the algorithms of mining for cryptocurrencies. In the following article we’ll talk about the 5 most used. We hope it helps.
This was the first mining algorithm created, being that it’s used to mine Bitcoin. In this way, most of the first cryptocurrencies began to be mined with this type of algorithm. Its level of data security is high, as it leaves little room for error, and requires ASIC equipment to be mined.
One of its negative points is that transactions are slower with the use of this algorithm than with others. In addition to Bitcoin, cryptos such as Bitshares use SHA256 as a mining algorithm.
Another of the most used algorithms is Scrypt. Widely used by fans of mining with GPU, this algorithm requires a lower percentage of energy than the SHA256 to operate, and its processing of transactions is much faster, being that it analyzes the data in a much more superficial way.
One of its negative points is that its security level is not as high as that of its predecessor. Among the cryptocurrencies that make use of this algorithm, we have Litecoin and Dogecoin.
This algorithm is named for being the set of 11 implementations of various hash functions. This algorithm manages to reduce energy consumption by 50% less than with Scrypt, and in addition, it also reduces the temperature that a mining equipment can reach. It’s also used by GPU miners.
Among the cryptocurrencies that make use of this algorithm, we have OnixCoin and Dash.
This is a variant of Scrypt, in such a way that its bases are the same, only that with this algorithm the speed for the confirmation of transactions was further improved. Cryptocurrencies such as LeoCoin make use of this algorithm.
One of the many derivations of the X11, the X13 is an algorithm with the same bases as its predecessor, but with the difference that it incorporates two additional algorithms, these with the function of improving its security level. Thus, it has greater security than the X11. With this algorithm AmberCoin can be mined.
What other mining algorithms do you know? Share below!