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One example is bitcoin gold change SHA256 to Equihash, does it cause any side effect?

Edit: To be more specific. What should participants of bitcoin blockchain, especially coin owner and miners, need to worry about when they take part in(e.g. trading, mining) a forked bitcoin blockchain with different mining algorithm?

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Apart from GPUs being more viable for mining, no, there isn't. (And asics being less viable, or more or less useless..)

Apart from maybe a difference in difficulty etc, but blocktimes and blocksizes should be the same.

(Unless ofcourse they changed it in the hardfork itself, but that has nothing to do with the mining algorithm.)

EDIT:

Note: I've answered this question in technical terms, not economic/emotional terms.

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    Note, that algorithm should be strong crypto, not any. Hash function f (any) = 0 may cause some problems :) – amaclin Nov 30 '17 at 10:30
  • I disagree. If the Bitcoin algorithm was changed, miners being outraged because millions of dollars worth of their hardware can't earn a profit any more is a significant side effect. A smaller hashpower base may also reduce network security (although you could argue the existing consolidation of mining has already reduced network security)... – Highly Irregular Nov 30 '17 at 16:54

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