Cryptocurrency Mining for the Masses
What I want to talk about here is just how confusing and inaccessible is for the few and how we can improve this for people.
I have explored various open source mining software, specifically those targeted at CPU-based rather than the more expensive GPU based processes (or at least those where the benefits of GPU versus CPU are less of a factor). One of the most popular is Monero, for this reason.
a secure, private, and untraceable cryptocurrency. It is open-source and accessible to all. With Monero, you are your own bank. Only you control and are responsible for your funds. Your accounts and transactions are kept private from prying eyes.
But to be honest, it doesn’t matter so much what the coin represents, not in it’s entirety anyway. It has to have some “meat” behind the value proposition, of course, so as to have some chance of success in the future, and for the currency to gain in value.
But for mining purposes, Monero differs from something like Bitcoin in process that takes place in order to write transactions to the ledger (see you should have clicked one of the links above). It uses a different algorithm that is design to work well with CPUs and mining with more expensive and powerful GPU processors do not offer the same distinct advantage (roughly 4:1 advantage for GPU over CPU).
Monero, however, is not the only cryptocurrency of this nature, one which can be successfully mined using spare CPU capacity, that you might find on your PC or Mac at home. Here’s a run down of 5 examples that you could be mining at home today.
Max-Supply — Infinite
Block Reward — 9.89 and reducing
Block Time — 2 minutes
Algorithm — CryptoNight
Ticker — XMR
Monero can be mined via CPU and GPU, but GPU only gives around 4:1 advantage.
Max-Supply — 21,000,000
Block Reward — 12.5
Block Time — 2.5 mins
Algorithm — Equihash
Ticker — ZEC
Z Cash can be mined with CPU or GPU, though GPU is only around 2:1 advantage.
Max-Supply — 78,000,000
Block Reward — 110?
Block Time — 5 mins?
Algorithm — SHA3
Ticker — NXS
HOdlcoin is like Bitcoin, but the blockchain pays interest on every balance. This favors HOdlers over traders.
Very high interest rates (currently 2000%+ APR) are paid in the first year to attract Hodlers to the project.
Max-Supply — 81,962,100 + 150,000,000 to 50,000,000
Block Reward — 50
Block Time — 154 secs
Algorithm — 1GB AES
Ticker — HODL
HOdl only allows CPU Mining.
Max-Supply — 84,000,000
Block Reward — 50
Block Time — 2.5 minutes
Algorithm — PoW
Ticker — RIC
Riecoin only allows CPU mining currently