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Bitcoin was not designed to only be mineable with specialized hardware. When Bitcoin was created in 2009, ASIC miners did not exist, SHA256d ASICs did not exist. Even GPU mining software did not exist because mining was a completely new thing. Bitcoin's difficulty was low enough for Bitcoin to be CPU mined on a laptop. However over time, as more and more ...


11

GPU-mineable cryptos are arguably more decentralized. Sure, but in a bad way. Say you want to attack or compromise bitcoin. You have to buy ASICs to do it. You could use GPUs or CPUs, but you would be at a tremendous disadvantage. The honest guys would win. So you have to invest in all these ASICs to attack bitcoin. And if you succeed, you turn your ...


9

There's 2 versions of ASICBOOST: Overt where miners use bits in the version number as extra nonce space Covert where miners "mine" merkle trees with 4 bytes collisions The overt version is very easily detectable, whereas the covert one isn't. To mine these merkle trees for the overt version, miners need to shuffle the transactions in the block. Without ...


7

Contrary to the name the proof of work used in Litecoin is significantly more difficult than SHA256 to verify (it slows sync times noticeably), while simultaneously not achieving it's goals of being only able to be mined on a CPU, or a GPU depending when you read the pitch on their website. It offers very little resistance to being mined on a GPU or ASIC, in ...


5

To expand on @Jannes’ answer: ‘ASIC resistance’ is not technically possible in the absolute sense. No matter the algorithm, it is theoretically possible to create some hardware that can run the algorithm more efficiently than a general purpose device (such as a GPU). What ASIC resistance does accomplish is making situations in which creating a more ...


5

ASIC resistance is a buzzword thrown around by scammers trying to sell you what is actually impossible as well as a bad thing. Pool resistance doesn't sound much better. https://download.wpsoftware.net/bitcoin/asic-faq.pdf


4

I'm not an expert but I'm a good at digging through academic literature, and this is what I found about SHA3 with relevance to FPGAs and ASICS (and in comparison with SHA2). Note that this paper dates back from 2011, the winner of SHA3 was not yet decided as NIST only released the SHA3 standard in 2015. Take a look at the Keccak result in this paper. The ...


4

Are there any steps which I should include in my altcoin's mining algorithm to prevent ASIC mining? That's not really what you should be asking. You should be asking, "Can someone design an ASIC which is more effective at mining my altcoin than a general purpose CPU?" At sufficient scale, that is always possible. However, you don't really care if someone ...


3

The Scrypt algorithm started out as an "ASIC-resistant" algorithm, but it isn't anymore. Because it is highly memory-intensive, it was thought to be prohibitive to design and use ASICs for it. Initially it kind of was. With cost of memory decreasing and the necessary research put in -- in order to unlock the profit potential attainable using Scrypt-capable ...


3

People who say that GPU mining is more decentralized than ASIC mining forget that GPUs don't descend from the sky. There are companies that manufacture them, and since GPUs are incredibly complex pieces of hardware, the barrier of entry to this market is huge. If a startup company wants to start manufacturing GPUs for mining, it can't. Right now, ...


3

Tenebrix uses Scrypt as the proof of work algorithm. Scrypt was said to be GPU resistant due to the in memory look up tables the algorithm uses. Most people no longer mine tenebrix with CPUs and use GPUs instead. Mining tenebrix with a GPU you can expect to hash at approximately 1/1000th the rate you would get on the same card mining bitcoins. For example, ...


2

So long as the difficulty can drop low enough there won't be a problem. If nobody cares about the currency, then it won't matter. If anyone cares about the currency enough, they'll mine a block. The only threat is if a large amount of mining power leaves at once. In this case, the difficulty can be very high and it can be difficult to muster enough mining ...


2

scrypt and scrypt-jane were chosen not because thay are "more difficult" then SHA-256, they are just different, and less suitable for GPU/ASIC implementation. Whether using such algorithms is good or not is hard to tell. I'd say, since one can mine scrypt coins with commodity hardware now, while mining SHA256 coins even with decent GPU rig is futile, scrypt ...


2

Aside from the forking problems that arise from trying to change the mining algorithm, ASICs are gaining a longer shelf life, allowing for more time to distribute mining equipment, ultimately helping decentralization.


2

That Bitcoin is only mineable on specialised hardware is not itself a design choice. It is a consequence of hinging the integrity of the system on a proof of work, combined with great interest in mining. The following is an oversimplification, but it's the concepts that are interesting anyway. The Bitcoin protocol itself does not mandate that mining must ...


2

Hashcash with SHA256 is about the best possible compute bound proof-of-work. In a memory bound proof-of-work (which Litecoin's is not), like my Cuckoo Cycle, memory latency, rather than computation, is the bottleneck, thus turning commodity DRAM into the ASIC.


2

Your premise is flawed. I think being good for ASIC was one of the reasons why Keccak won: it was both the fastest and had the best performance/area ratio among the finalists for ASIC reference implementation. By the way, it's easy to see why it is easier to pipeline in hardware if you consider it uses only simple and/xor/rot/not operations, doing away with ...


2

In the linked article the author describes in quite some detail the failure of asic-resistance. (Thank you @Jannes for finding it.) ASIC Resistance We’ve been pessimistic on ASIC resistance for a long time, and our journey into the hardware world solidly confirmed our position. Hardware is extremely flexible. General purpose computational devices ...


2

There's a group of us working on a new iteration of p2pool based on braids (a DAG-chain) and mining into payment (Lightning) channels. Like p2pool, each miner would construct his own block, and provide commitments/proof that payouts from the share-chain will be made to the appropriate Lightning channels (probably using "channel factories"). Braids solve ...


2

This appears to be old but to correct the above answer, Bitcoin Gold used to use the Equihash algorithm but recently forked to the Equihash-BTG proof of work algorithm in order to keep in line with the protocol's main objective, ASIC resistance. As for which protocol is better? I suppose for some that is a matter of opinion but if you ask me (and the ...


1

I found multy-pool resistance: https://github.com/goldcoin/wiki/wiki/GoldCoin-Whitepaper#multi-pool-resistant And for asic-resistance see https://whitepapersindex.com/?q=%22asic-resistance%22 there are ~100 whitepapers found.


1

An ASIC is an "Application Specific Integrated Circuit". In the case of a Bitcoin miner, the specific application is performing the SHA256 hashing algorithm. That is the only thing the ASIC knows how to do. So long as the cryptocurrency you want to mine uses SHA256, you should be able to use the ASIC on that currency.


1

To answer some questions to the best of my ability: But wasn't this tried already with Litecoin via Scrypt mining algorithm? Yes, this was tried with Litecoin. is Bitcoin Gold now a better alternative? This is a matter of opinion. What's Bitcoin Gold algorithm? They forked to the Equihash-BTG algorithm. Can it become minable by ASICs at some point too?...


1

Scrypt is a highly memory-intensive algorithm: it generates and uses a very large number of pseudo-random values in computing the final output, and for efficiency reasons, all of these intermediate values need to be stored until the computation is done. The cost of an ASIC depends roughly on the physical size of the chip, and memory circuits take up a great ...


1

Short answer: no. Remember, that it's not really the developers who decide. A mining algorithm change would mean a hard fork, which is an incredibly difficult task to pull off. The developers develop on behalf of the community, which is comprised of miners, exchanges, merchants, customers, and other types of developers. Each of these groups needs to ...


1

Long-term solution: what about including a low-cost ASIC in commodity hardware that everyone has, like their network router or cable modem, making gaining 51% of the hashing power by a single entity prohibitively expensive.


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