Qitmeer Mining Protocol

Cryptocurrency mining was originally designed to be doable with general-purpose computers. Yet with the increase in competition to the limited resources, miners have been seeking an effective way to improve their chances.

Application-specific integrated circuit chips, known as ASIC, has taken over the mining market ever since. ASIC are chips that are designed with a singular purpose. For cryptocurrency mining, these chips are built into specifically designed motherboards and power supplies to efficiently solve a specific algorithm.

Each cryptocurrency has its own cryptographic hash algorithm and ASIC hardware are designed to excel at calculating that algorithm, in the case of Bitcoin, ASIC hardware is designed to calculate the SHA-256 hash algorithm.

Sometime in 2018, the bearish performance in the cryptocurrency market has put miners in a difficult situation. ASIC miners were seeking ways to deal with their machines and spaces they rent for running the mining machines.

Furthermore, the emerging of Cuckoo Cycle algorithm sheds light on the GPU mining to compete against the ASIC miners. Qitmeer uses a ProofOf-Work algorithm called Cuckoo Cycle

What is Cuckoo Cycle PoW algorithm? Cuckoo cycle is one of the most promising ASIC-resistant PoW algorithm created by Dutch computer scientist, John Tromp. Cuckoo cycle was originally applied as a measure to prevent email spams.

" The email sender has to perform a certain amount of work that consumes computational power to prove that he does have the need to send out the email to the recipient " Yet, with its unique design, it sees fit for GPU mining. It focuses more on memory use, meaning the solution time is bound to memory bandwidth rather than the raw processor or GPU speed. Unlike other PoW algorithms that requires maxing out the capacity of your hardware that drains a lot of power which produces heat (which is why most mining factories are located in colder locations/or locations with cheap electricity that can turn A/C on 24/7), a memory-bound algorithm like Cuckoo cycle require far less energy than most other GPU, CPU or ASIC-bound PoW algorithms.

For more information about Qitmeer :point_down:

Telegram: @SouthAfricaHLC

Website: https://qitmeer.io/

Twitter: https://twitter.com/qitmeernetwork

Talks: https://qitmeertalk.org/

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