A coin is considered ASIC-resistant if it can be mined without using ASIC miners (Application-specific Integrated Circuits). ASICs, as the name implies. First, Ethash, the algorithm used to mine ethereum, is already fairly ASIC-resistant. It is an adaptation of bitcoin's Proof of Work (PoW) algorithm and. Ethereum (ETH). HDFC FOREX CARD PASSWORD RESET

Take Bitmain's range, for example. This is one of the most well-known and trusted ASIC miner retailers but is also representative of the sheer expense of this kind of hardware. Bitmain's cheapest available Bitcoin miner is the T19 Hydro. Of course, some individuals can afford this kind of mammoth upfront payment, but many of us simply cannot fathom such an expense.

Unfortunately, this is where the mining industry is biased towards wealthier miners. Bitcoin mining, for instance, is only possible with an ASIC miner. While GPUs and CPUs could once be used, Bitcoin's decreasing unmined supply and the rife competition among miners have made the entire process much harder. This means that the average individual will now find it very difficult to get their foot in the door in the Bitcoin mining game.

Not only are the initial costs incredibly high, but the energy consumption of running an ASIC miner around the clock also results in a consistently higher electricity bill. Because of this, many aspiring Bitcoin miners must simply turn away from the venture, leaving the mining rewards to those who can afford the expense. But this struggle hasn't gone unnoticed, and this is where ASIC-resistant cryptocurrencies come in. When it comes to mining cryptocurrency, three pieces of hardware can be used.

A CPU central processing unit is what you'll find in your laptop or PC and is responsible for providing your device with operational instructions and processing power. Additionally, you've got GPUs graphics processing units. You can also find these in your computing devices, which are responsible for graphics rendering.

These pieces of hardware can be used to mine different cryptocurrencies but have been somewhat outshone by ASIC miners in recent years. However, this hasn't stopped certain developers from ensuring their cryptocurrencies are ASIC-resistant to level the playing field.

This isn't to say that these cryptos are impossible to mine with ASICs. Rather, it's just much harder and often a waste of time and money. This is the core purpose of ASIC-resistant cryptocurrencies. So, let's discuss the top ASIC-resistant coins out there. Monero XMR Monero is another popular mining avenue for those looking to use more affordable hardware.

There are two reasons for this. They can also be pre-generated, instead of being mined in real-time. Second, ethereum is already slated to move towards a Proof of Stake PoS algorithm, which assigns new coins based on stakes held by each node instead of computation-intensive mathematical problems. This means that mining coins may become a redundant in the future ethereum network.

Investing in cryptocurrencies and other Initial Coin Offerings "ICOs" is highly risky and speculative, and this article is not a recommendation by Investopedia or the writer to invest in cryptocurrencies or other ICOs.

Since each individual's situation is unique, a qualified professional should always be consulted before making any financial decisions. Investopedia makes no representations or warranties as to the accuracy or timeliness of the information contained herein. As of the date this article was written, the author owns 0. This compensation may impact how and where listings appear. Investopedia does not include all offers available in the marketplace.

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Most Ethereum ASICs CANNOT Mine ETC!!!!

The cryptocurrency industry doesn't just offer a profit for investors who buy and trade assets.

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