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Author Topic: Can all currency be mined?  (Read 208 times)
Pterosaur
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March 14, 2023, 09:24:33 AM
 #21

You can only mine cryptocurrencies with the PoW [Proof of Work] Algorithm, most new crypto this days are all Proof of Staking for some reason, since the day I have started learning about crypto I have grown to like pow projects more, they are more secured than Pos coins,  to attack a pow coins you can only do that with a large amount of hashing power,  probably having 50% of all the available hashrate on pool, it's not going to be easy.

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savetheFORUM
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March 16, 2023, 05:25:38 AM
 #22

You can only mine cryptocurrencies with the PoW [Proof of Work] Algorithm, most new crypto this days are all Proof of Staking for some reason, since the day I have started learning about crypto I have grown to like pow projects more, they are more secured than Pos coins,  to attack a pow coins you can only do that with a large amount of hashing power,  probably having 50% of all the available hashrate on pool, it's not going to be easy.
My guess is because their leader Ethereum have switched from Proof of Work to Proof of Stake. Another more valid reason is because Proof of Stake is more friendly to the environment so it is mostly approved by the government than the proof of Work coins.

This might also be the reason on why ETH have decided to change it's consensus mechanism but a lot of people didn't really like that idea, especially the miners because they can not mine ETH anymore. Not only that POW coins are more secure but I think they are also more fairer. Another reason why many of us dislike that change is because it makes the coin more centralized.
FP91G
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March 16, 2023, 07:19:06 AM
 #23

You can only mine cryptocurrencies with the PoW [Proof of Work] Algorithm, most new crypto this days are all Proof of Staking for some reason, since the day I have started learning about crypto I have grown to like pow projects more, they are more secured than Pos coins,  to attack a pow coins you can only do that with a large amount of hashing power,  probably having 50% of all the available hashrate on pool, it's not going to be easy.
My guess is because their leader Ethereum have switched from Proof of Work to Proof of Stake. Another more valid reason is because Proof of Stake is more friendly to the environment so it is mostly approved by the government than the proof of Work coins.

This might also be the reason on why ETH have decided to change it's consensus mechanism but a lot of people didn't really like that idea, especially the miners because they can not mine ETH anymore. Not only that POW coins are more secure but I think they are also more fairer. Another reason why many of us dislike that change is because it makes the coin more centralized.
One of the reasons for not having a large number of ASICs for Ethereum mining was the planned POS mining algorithm.
If the algorithm did not change, then asiki would have long since ousted video cards from the market. We have seen ASICs E9 Pro 3.7GH. Perhaps in a year ASICs with a hashrate of 10GH would have appeared and the story with bitcoin repeated when video cards became useless.
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