Equihash Mining Algorithm for Home Computers – Each creator of a new cryptocurrency is trying to find a way to prevent the use of special chips in the mining – ASIC. The dominance of such technology threatens the decentralization and fairness of peer-to-peer networks.
Developers of currencies that are resistant to Asikam see the resolution of the problem in the use of encryption methods that are more demanding of memory resources, and not only of equipment performance. And one of these algorithms is Equihash.
What is the feature of Equihash?
The new algorithm returns the ability to extract cryptocurrency at home. To solve the problems created by this method, the usual modern computer will do. The main requirement of the protocol is a large amount of memory, at least 2 GB per 1 video card.
The cryptographic function implemented in this algorithm uses the concept of the birthday days paradox. It proves the probability that in a group of 23 people there will be at least one pair with the same date of birth, more than 50%. And for a group of 60+, this probability is even greater – 99%.
No matter how incredibly this statement sounds, there is a formula that proves its authenticity. It was here that the whole cryptographic encryption method of Equihash was built on it by two of its creators, D. Hovratovich and A. Biryukov. The probability of finding the desired hash code by miners is 2 to the power of N / 2.
What tokens can be mined on Equihash protocol
The Equihash algorithm uses such cryptocurrency platforms:
- Zcash (ZEC);
- ZenCash (ZEN);
- ZClassic (ZCL);
- Bitcoin Gold BTG);
- Bitcoin Private (BTCP);
- MinexCoin (MNX);
- BitcoinZ (BTCZ);
- Komodo (KMD);
- Hush (HUSH).
The very first cryptocurrency that became interested in the new algorithm was Zcash. Its developers believe that this method can reliably protect digital coins and balance the entire power of the network in a balanced way.
The increase in the number of equal participants in the mining fruitfully affects not only the maintenance of a specific system, but also the cryptoid industry as a whole. Healthy competition will be able to encourage more miners to responsibly and actively carry out their work than to support real decentralization, transparency and fairness of digital platforms.
How to mine Equihash?
If you decide to try to get cryptocurrency using Equihash algorithm, you will need efficient equipment: you can mine on one video card, but it is better if there are several of them. As stated above, the algorithm is very sensitive to memory, so its resource should be sufficient – at least 2-3 GB per 1 graphics processor.
Next, you need to perform four simple steps:
- choose a cryptocurrency for mining;
- have a wallet;
- decide on a pool;
- install the miner.
You can choose a cryptocurrency based on your own analysis of the cost, capitalization of the coin, the complexity of its mining and the reward for the block found. You can read the opinions of people who already have a similar experience.
A good option today is Zcash cryptocurrency, the price of which is $ 278.034, and the market capitalization of more than a billion dollars. Consider her example. Here are the main parameters of the cryptocurrency Zcash at the end of May 2018:
- total stock of coins – 21 million ZEC;
- total mined – 3 998 194 ZEC;
- volume of transactions per day – $ 277,385;
- network hashrate – 435.35 MH / s;
- miner’s reward – 10,000365 coins;
- the average time to generate a block is 150 seconds.
A wallet for storing coins on a PC can be installed from the official website of the manufacturer. It is for mining that many start up online wallets immediately on the stock exchange, so that there is a possibility of fast and inexpensive conversion. You can stop at one of the resources, such as EXMO or Poloniex. Zcash is easy to convert to bitcoins, and this is another plus coin.
To mine Zcash-coins is more profitable on the graphic cards of the manufacturer Nvidia, therefore we choose the program for the computer for it. The most popular miner, adapted to the architecture of NVidia video chips, is EWBF Miner. It will provide you with productive mining, through which you can make good money on your equipment.
Download all software and antivirus software only from trusted sites. Installation and setup of the miner will take less than 20 minutes. Here you will need to specify the pool, the address of your wallet and make the basic settings.
That’s all – you just have to start the process and monitor the balance of your wallet.