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Author Topic: Altcoin mining with bitcoin appliances  (Read 488 times)
wh04m1
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January 30, 2017, 12:32:43 PM
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Can I make altcoin mining with the devices I have made of bitcoin mining?
I heard it could be done. But I do not know which altcoins can be used.

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eckmar
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January 30, 2017, 01:42:11 PM
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When you say bitcoin appliances  I assume you mean ASIC miners. And yes you can mine some altcoins with them. Bitcoin use SHA-256 algorithm so any altcoin with same algorithm could be mined with ASIC made to mine bitcoin. For example DigiByte is popular one.
wh04m1
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February 02, 2017, 04:12:14 PM
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When you say bitcoin appliances  I assume you mean ASIC miners. And yes you can mine some altcoins with them. Bitcoin use SHA-256 algorithm so any altcoin with same algorithm could be mined with ASIC made to mine bitcoin. For example DigiByte is popular one.

Which altcoin uses which hash algorithm is there a list I can see?
Is there a list of altcoins that use the SHA-256 hash algorithm?

▂▂▃▃  CRYPTOCURRENCIES TRADING INDEX ▃▃▂▂
●▬●▬●▬●▬●▬●▬●▬●▬●▬●▬●▬● BITOTAL.COM ●▬●▬●▬●▬●▬●▬●▬●▬●▬●▬●▬●
░▒▓█ Create Passive Income For Everyone | Trade TTT20/BTC | ICO ends 31st August █▓▒░
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February 02, 2017, 04:55:57 PM
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Whattomine
wh04m1
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February 06, 2017, 12:16:41 AM
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Whattomine

Mining is the process of adding transaction records to Bitcoin's public ledger of past transactions. This ledger of past transactions is called the block chain as it is a chain of blocks. The block chain serves to confirm transactions to the rest of the network as having taken place. Bitcoin nodes use the block chain to distinguish legitimate Bitcoin transactions from attempts to re-spend coins that have already been spent elsewhere.

Mining is intentionally designed to be resource-intensive and difficult so that the number of blocks found each day by miners remains steady. Individual blocks must contain a proof of work to be considered valid. This proof of work is verified by other Bitcoin nodes each time they receive a block. Bitcoin uses the hashcash proof-of-work function.

The primary purpose of mining is to allow Bitcoin nodes to reach a secure, tamper-resistant consensus. Mining is also the mechanism used to introduce Bitcoins into the system: Miners are paid any transaction fees as well as a "subsidy" of newly created coins. This both serves the purpose of disseminating new coins in a decentralized manner as well as motivating people to provide security for the system.

Bitcoin mining is so called because it resembles the mining of other commodities: it requires exertion and it slowly makes new currency available at a rate that resembles the rate at which commodities like gold are mined from the ground.

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eckmar
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February 06, 2017, 12:38:28 AM
 #6

When you say bitcoin appliances  I assume you mean ASIC miners. And yes you can mine some altcoins with them. Bitcoin use SHA-256 algorithm so any altcoin with same algorithm could be mined with ASIC made to mine bitcoin. For example DigiByte is popular one.

Which altcoin uses which hash algorithm is there a list I can see?
Is there a list of altcoins that use the SHA-256 hash algorithm?

Yes there are altcoins that use SHA-256 algorithm but then again, if you have ASIC that mines SHA-256 you will in almost all cases want to mine bitcoins as it's most profitable to mine.
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