To mine cryptocurrencies alone, you need to have a virtual wallet, knowledge of your probabilities, hashrate power, knowledge of the difficulty of the network and a lot of patience.Īs we said before, the higher the difficulty of the network, the more complex it is to solve the mathematical problems of cryptographic algorithms. This is why there are big mining companies such as Bitfarms, Riot Blockchain, Ricemining, etc. In our real world, could you say the same thing…? More hashrate power does not ensure you more profit, but it gives you a better chance of finding a block and winning the rewards. In this case, you could use your work GPU or the graphics card you use to play games on your computer and try to solo mine any algorithm that allows you to do so, but like your friend with 6 coins, it is statistically unlikely that you will find the block alone. Solo mining can be successful if your luck is in your favour, but you can also spend months or even years finding a block. It happens because the higher the hashrate, ( GPU or ASIC mining), the more complicated the algorithm becomes to solve the mathematical calculations to find the block and award it to the miner. The higher the difficulty of the network, the harder it becomes to find a block. To decide which cryptocurrency to mine by solo mining or by participating in a mining pool, you need to know the rewards paid by each algorithm and the difficulty of the network. Each of these algorithms works differently.īlock creation times vary from one to another, and the rewards paid to miners are also different on each blockchain. How mining algorithms workĮach blockchain has its own algorithm, for example Ethereum uses Ethash, Bitcoin uses SHA-256, Ergo is based on Autolykos and Zcash on Equihash. It is important to note, however, that we cannot base an economic investment in mining on luck, we must rely on real data, statistics, and probabilities decide to whether to mine alone or in a mining pool. Since the algorithms of different cryptocurrencies are designed differently, it is inevitable that there will be some luck involved in cryptocurrency. Taking into account the luck factor, if you were to flip your coin against your friend’s 6 coins, it is true that you could beat him 6 times, do you agree? It is also true that you could beat him 1, 2, 3, 4 or 5 times despite having only one coin in your pocket. The odds would be 6 to 1.įortunately, our world is not so strict and luck exists, even if many people are reluctant to believe in it… For the simple fact that he has 5 more coins than you, while for each flip of the coin, you could only get one chance of winning, your friend on each flip of his 6 coins could beat you about 6 times. In an ideal world where everything is perfect and mathematics rules mankind, your friend would be more likely to win every time. It stands to reason that your friend probably has a better chance of getting tails as he has 6 coins, while you only have 1 coin. The trick is to flip the coins and get tails, whoever gets tails first wins. Imagine you have a single coin with 2 sides, tails and heads. The first thing you should know is that cryptocurrency mining is like going to the casino, a game of chance, competition and of course, mathematics. 5.1 Mining without GPUs: Is it possible?.3.1 Earning faster in mining: is it possible?.2.1 How much hashrate do I need for Solo Mining?.While we expect a full range in size of Zcash miners to exist, the more individuals who run a miner (whether GPU or CPU) the stronger the network. Incentivizing the creation of open source miners will enable a wider community to mine for Zcash coins and take ownership of the network as a public good. The Winners and Runners Up of this challenge are listed on the submissions page. The Zcash Company sponsored the Zcash Open Source Miner Challenge operated by Least Authority. To achieve this, we need open source miners for anyone to use. By distributing the ability to perform mining with open source software, the Zcash network can be a more accessible and a truly community-supported cryptocurrency. Mining should be available to everyone, regardless of their access to specialized hardware anyone should be able to use a computer to “mine” by using open source software, and add more transactions to the Zcash ledger to possibly get Zcash coins in return for their effort. Since Zcash is an open source, decentralized cryptocurrency, we believe that mining for ZEC is an important way to help strengthen and decentralize the Zcash community, contribute to computer science, and win our gratitude and a prize. On October 28, 2016, the launch of Zcash made ZEC coins available for mining. Zcash Open Source Miner Challenge Winners have been announced!
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