All,
The only real solution on that board is X11.
Here is why.
X11The “X” series of algorithms first debuted with Darkcoin and was invented by Darkcoins creator, Evan Duffield. X11 is a hashing algorithm that includes eleven different hashing algorithms bundled up in one package. The original intent of X11 was to protect the network from what its creators called, Single Point Failures, which is a scenario where a hacker could theoretically crack an algorithm, making it vulnerable to attacks. Unlike SHA-256 and Scrypt, which are based on a single hashing algorithm, X11 features eleven different algorithms, all of which would all have to be compromised for an attack to be successful. The “X” series of algorithms extends beyond X11, and includes X12, X13, X14 all the way up to X17.
The simple difference between these algorithms is the amount of hashing algorithms intertwined in the package.
X11 is by far the most popular of the “X” series of hashing algorithms and has a number of attractive features to boot. X11 is best mined using GPU’s, and has a 1:6 efficiency ratio between CPU and GPU’s, thanks to better mining software, the GPU/CPU gap has been widening since the introduction of the algorithm. At this time X11 remains ASIC resistant and there are no publicly announced ASIC’s in development for the algorithm, however its widespread popularity and profitability may make it a target for ASIC developers in the future. X11 is also less power hungry then both SHA-256 and Scrypt, keeping your house cooler and quieter especially in the summertime, and keeping your significant other slightly happier about your mining operation. X11 happens to be the most dependent on the mining software you use compared to any other algorithm; specific mining software can give you huge advantages over others, potentially increasing hash power up to 40% with just the right software and settings.
But lets compare this to what we are currently using right now which is:
ScryptScrypt was first introduced in cryptocurrency mining with the introduction of Litecoin. Benefits of the Scrypt algorithm included lower block times than Bitcoin, and ASIC resistance (Which unfortunately for us currently the "lower block time" doesnt apply given our current SPV issue). Scrypt was originally invented by Colin Percival for the Tarsnap online backup service, the service touts that Scrypt makes it tremendously expensive for custom hardware attacks to be conducted and is thousands of times more secure than many popular cryptographic algorithms in use today. Scrypt requires attackers to either use more memory to conduct a brute force attack, or use less memory and conduct a slower attack, this trade off is intentional and makes Scrypt very secure.
For miners, Scrypt is GPU friendly and the vast majority of Scrypt miners are GPU miners. Scrypt takes up more memory than SHA-256, however this is offset by the fact that Scrypt mining uses up less electricity than SHA-256 mining. With less electricity comes lower heat output and less noise coming from your miners, however mining Scrypt can still increase your AC bills during the Summer, and lower your gas bills in the Winter. It needs to be noted that ASIC’s for Scrypt mining are on the market, thus if you are a GPU miner mining Scrypt, you may be in for some competition. As more and more Scrypt ASIC’s are expected to hit the market, expect the difficulty to rise on Scrypt coins and your market shares to decrease, along with your profits.
Alternatives:
SHA256No.Lyra2REv2Though Verticoin's implementation of Lyra2REv2 was successful - There is not enough data to suggest that this is a long term algorithum worth switching too. Also current Verticoin's currently standing network hash rate signifies that there is very little adoption to this algorithm. See:
http://www.coinwarz.com/network-hashrate-charts/vertcoin-network-hashrate-chartFinal thoughts for x11 to clarify earlier mentioned points -
Security: The algorithm uses eleven hashing functions from the Blake algorithm to the Keccak algorithm making it very secure which is what Verge ($XVG) touts.
Effectiveness: The X11 Algorithm gives amazingly fast hashes for both GPU’s and CPU’s. It also keeps GPU’s over 30% cooler making your expensive graphic cards less prone to overheating.
Power Cost: Due to how effective it is, graphic cards do not require that much power in order to mine it. Therefore, you will see significantly lower electricity costs at the end of the month. This makes coins running this algorithm to be a favorite in places where electricity costs are far from bearable.
Obviously this does not cover all the choices on the pole such as Multi but this is intended to help people understand some of the core mining algo's.
Cheers-
Rekt
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