Is ASIC-resistant cryptocurrency even possible?

Published on by Cryptoslate | Published on

As a result, members of the mining community find themselves in a figurative arms race to run the biggest, baddest mining rigs they can.

The previous standard was GPU mining, in which people used high-performance video cards to calculate the math that could yield them cryptocurrency.

ASICs were a cut above, designed from top to bottom to be better, faster, and stronger than the best mining GPUs.This left a lot of people cut out from their mining activities - they couldn't keep pace with the new ASIC chips.

The core developers are moving forward with plans to implement a new proof-of-work algorithm that would make these specialized ASIC chips far less effective at mining Ether.

GPU miners are the first people to find any success in an emergent cryptocurrency because their hardware is versatile enough to solve a wide variety of complex math problems.

To protecting the interests of GPU miners is to protect the community that made a certain cryptocurrency viable in the first place.

To protect the GPU miners this currency was designed for, then a new and improved ASIC chip reasserts its dominance.

The call for ASIC-resistant algorithms is effectively a voice saying "You can't." But the human race is especially prone to saying "Yes I can." That is why ASIC mining is here to stay.

Genesis Mining is a cryptocurrency cloud mining company that offers an easy and safe way to purchase hashpower without having to deal with complex hardware and software setup.

It offers hosted cryptocurrency mining services and a variety of mining-related solutions to small and large scale customers.

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