Algorithms for cryptocurrency mining

Each cryptocurrency works by its own specific encryption algorithm. Mining equipment directly decrypts a particular algorithm, which generates transaction processing and blocking. Thus, as a result, we get coins of some kind of crypto currency as a reward.

There are such popular algorithms among others so they are used for several blockers at once.

As you can see, there are a lot of common algorithms, but we can distinguish the most reliable and popular ones among them:

– X11 – used when calculating to receive Dash coins. It worked mainly only with video cards, but recently ASIC-miners for Dash began to produce this algorithm;

– X11Gost – algorithm providing the work of the crypto-socket Sibcoin, also known as “Siberian Chervonets”. This cryptocurrency is a branch from the Dash currency – its domestic counterpart. The algorithm is based on a hash function that meets the requirements of GOST R 34.11-2012;

– SHA256 – algorithm, which operates the most common at the moment, Bitcoin cryptocurrency. In connection with the prevalence of the algorithm, the video cards no longer provide enough power for at least some normal earnings, as they were promptly pushed out by the Chinese ASIC-miners. The algorithm of SHA256 is based on most other algorithms, to some extent copying Bitcoin. Among them, and a fresh Bitcoin Cash;

– Decred – used in the same crypto currency. It is a modification of Blake256. Normally, it is on video cards. Often Mining Decred is carried out in parallel with the mining of DaggerHashimoto with the help of special programs;

– Ethash (DaggerHashimoto), which produces the well-known Ethereum. For Ethereum mining it is recommended to use video cards with a high memory capacity. AMD cards are better adapted to the algorithm, but also video cards from Nvidia 10 series cope quite well;

– Scrypt provides the work of “digital silver” – Litecoin. The algorithm became very popular when ASIC-miners began to appear for Bitcoin mining. Now, ASIC-miners have appeared for the Scrypt algorithm, and the corresponding script is also unavailable for most of the miners;

– Equihash gives life to the currency of Zcash. This crypto currency is now very common among the miners on graphics cards like in Ethereum, the network complexity has greatly increased;

– CryptoNight provides Monero work. It differs from most other popular algorithms in that it is well computed on processors. Of course, on some processors the farm can not be built, but they are quite capable of bringing a pleasant bonus to earnings.

Extended table of encryption algorithms crypto currency

 

Name Ticker Algorithm Year Distinctive features
Bitcoin BTC SHA-256 2009 The first, the historical algorithm, providing the work of cryptocurrency, recognized by thousands of legal entities, and among them – the European Union.
Litecoin LTC Scrypt 2011 Roughly speaking, Litecoin is a Bitcoin clone, but with accelerated transactions.
Namecoin NMC SHA-256 2011 First of all, Namecoin is used for the .bit censorship-resistant domain, whose functioning is similar to the functioning of .com and .net domains. It is allocated .bit in that it is not regulated by the main governing body for domain names – ICANN.
Bytecoin BCN CryptoNight 2012 The most secure of algorithms. In principle, it is impossible to hack it. Only an attempt to hack will cost incredible energy costs, and the required capacity of the equipment will have to be equivalent to the power of the average supercomputer. Therefore, in addition to you, no one will get access to your wallet. So say the developers of the algorithm.
Peercoin PPC SHA-256 2012 Coins of this crypto currency can be obtained not only directly by video card mining, but also by the generation of new coins already available.
Dogecoin DOGE Scrypt 2013 It is a clone of Litecoin (a clone of Bitcoin). Of course, not without minor changes. With the popularity of this cryptocurrency, everything is super-typical – it spread due to huge investments in advertising and a memorable symbol.
Gridcoin GRC BOINC 2013 Combined with this system, computing power helps solve problems in many sciences, including climatology, astrophysics, medicine, mathematics, and biology.
Ripple XRP ECDSA 2013 The currency was created to speed up banking transactions.
BelaCoin BELA Scrypt 2014 Cryptocurrency photo stock.
Dash DASH X11 2014 Almost complete lack of tracking. It is possible to conduct transactions directly.
Dashcoin DSH CryptoNight 2014 Advanced crypto currency, the network code of which is updated rapidly and at low resource costs, and protocol errors are close to 0%.
DigiByte DGB SHA256 2014 Improved version of Litecoin and Bitcoin
DNotes NOTE Scrypt 2014 Decentralized peer-to-peer crypto currency. Transmitted via the Internet. Transactions are instantaneous. At high transfer speeds, security is maintained, and the commission is minimal.
Einsteinium EMC2 Scrypt 2014 Kickstarter’s analog for scientific projects.
FoldingCoin FLDC Stanford Folding 2014 It uses consumable power to model the processes of protein folding inside the human body. The results obtained from such studies are used for the invention of new medications that help cure the protein-related diseases associated with the problem of protein folding. Among such diseases there are deadly and dangerous ones. In addition, these studies provide not only the invention of new drugs, but also discoveries, both in the study of protein, and in medicine in general.
Monero XMR CryptoNight 2014 High anonymity of remittances.
Nautiluscoin NAUT NXT 2014 Cryptocurrency, created to prove the possibility of the existence of a cryptocurrency as a class of investment assets.
Navcoin NAV X13 2014 Provides NAVTech technology, which in parallel with Tor guarantees the anonymity of private purchases on the Internet.
PinkCoin PINK X11 2014 The currency is based on Ethereum. Provided with a fixed nominal mass of colored diamonds.
Potcoin POT Scrypt 2014 Represents the legal component of the marijuana industry.
Syscoin SYS Scrypt 2014 The platform, built in the crypto currency, focused on decentralized trade.
Vcash XVC Blake256 2014 Carefully worked out, innovative algorithm. Transactions are fast, secure and work flawlessly.
VertCoin VTC Lyra2RE 2014 It has established itself as a branch protected from ASIC-miners. Accordingly, it is ideologically opposed to the monopolization of mining.
ViaCoin VIA Scrypt 2014
Augur REP Smart contract 2015 Founded for forecasting for financial markets.
Ethereum ETH Dagger-Hashimoto 2015 Based on the idea of universality for most projects.
EthereumClassic ETC Dagger-Hashimoto 2015 Offshoot from the Etherium with a reduced coin value.
Expanse EXP Dagger-Hashimoto 2015 Full-scale use of the blockage for the purpose of convenient decentralization of projects.
NEM XEM blockchain 2015 The project offers notary certification services and provides the ability to instantly transfer money around the world with a low commission. High level of protection of wallets.
Radium RADS Smartchain 2015 Maximizing the optimality of using blockchain to ensure the decentralized operation of services.
Siacoin SC Blake2b 2015 Secure storage of data.
lbryCoin LBC LBRY 2016 Creativity bank by type of photo stock.
Steemit STEEM SHA-256 2016 Multimedia content aggregator.

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