Bitcoin Forum

I remember reading a thread awhile back ( maybe a few months ago ) regarding a project that was supposed to use pre-existing SHA-256 encryption hardware that was even cheaper then current mining ASIC's or rigs for Bitcoin mining. I can't seem to find the thread but it appears the project "died" some time ago. I was wondering if 1.) It is possible to use pre-existing SHA256 encryption technology ( pre-ASIC mining, I should say ) and 2.) If it would be profitable. If possible, I'd love to do a reboot of the project.

Generally speaking any older stuff wouldnt be profitable. Typically the power draw would be to high and the hash rate would be far to low. I know of no old projects that would allow for profits at current difficult sorry :)

Steve

Is there any other cryptographic encryption hardware that might be profitable but uses a different algo besides SHA256?

Maybe some scrypt ASICs from GAWMiners (http://r.sloyalty.com/r/tylyZfa0Ghz5)?

Well, the goal of the "project" is to use already existing cryptographic encryption hardware. Some computers and devices have SHA256 ASIC's already installed for security purposes. It was within my interest to see if they were capable of being utilized for mining. Now that I see it is probably unprofitable, I was wondering if there were other encryption ASIC's that used a different algo that some other cryptocurrency already uses and see if it was more profitable. I am however, familiar with GAWminers and I've always wanted to buy a Scrypt miner although I'm tight on money  ;). I'm waiting for the day dirt-cheap USB miners become a reality  :P

As far as I know, a simple CPU can hash a simple piece of data into an SHA256 hash. scrypt and x11 and scrypt-n and all that never existed before cryptocurrencies, so there probably isn't any.

if you want to use pre existing hardware to mine. May I suggest almost any amd graphics cards and I suggest you mine x11 or x13 for now at least. Also nvidia 750ti is also a good choice ( or even better) if you want to mine x11 and x13. Hope this was a bit more helpfull.

Steve

Hmm...what about SHA-3? I know there isn't a specific SHA3 algo, but I feel like a company or some business might have implemented SHA3. And even if no security encryption hardware exists for it, I'm pretty sure other algo ASIC's already exist, SHA variants possibly? It's worth a shot  :P


I'm also aware of the presence of GPU's although I feel that X11, despite its security, feels like Quark. Just another chain-hash algo. I've got a bit of hope that pre-existing ASIC's are out there with the possibility for mining although I'm aware chances are slim.

As I said, it's pretty much the same. There is an algo for SHA-3, called Keccack or something, but I've seen like only 2 coins that use it.
x11 is supposed to be innovative because its 11 algos, but darkcoin is a scam anyway.

So, No ASIC? Oh well then, I guess when the market starts warming up to it, things will look brighter  :D. SHA-3 has a variant called Groestel too, I believe. X11 doesn't feel very innovative. It's like Quark but with more algorithms. I think it's high-time we need some more innovative, raw, fresh, new, whatever algorithms to take charge. Something like Protoshares, with the new Momentum algo, although I'm not even sure how Momentum works  :P I'd love to find out though  ;D

Why not research Curecoin it is very intriguing. Not so much the sha 256 stuff but the paid folding for medical research. Rumour has it the pay isn't bad at all. Hence why nobody is talking about it much probably :)

Steve

I love the idea behind curecoin, and I think it's a great crypto, but it's not that innovative in regards to its algorithm. SHA256 has been around for a while. Since we were on the topic of pre-existing ASIC mining hardware, I was wondering if Structured ASIC's are still in use?

I doubt that asics are developed just to encrypt data.
I don't understand curecoin. How the heck does the protein folding thing even work?

There have been ASIC's specifically developed for encryption purposes. Certain highly secure devices use them, mainly in military or business applications.
I kinda understand Curecoin, although the protein folding thing you're talking about also baffles me  :P