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Digibyte’s upcoming hard fork this summer and how your GPU mining rig will benefit

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crypto mining
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About two months ago, the Monero community was vexed in a war of words with Bitmain over the release of the Cryptonight –capable Antminer X3. The Antminer X3 had been designed to mine altcoins that use the Cryptonight hashing algorithm with Monero as the main mining target. As usual Bitmain (world’s biggest manufacturer of ASIC mining hardware) happily announced its release. However, in response, the Monero Blockchain was forked to maintain its ASIC resistance rendering all the new Atminer X3 obsolete.

The ongoing mining battles

Basically, there has always been a fight for control in the crypto mining world. Mining equipment manufacturers like Bitmain are currently able to control the crypto landscape as they wish since they equally control who gets what mining equipment, when and at what cost. The general feeling has been that the rich get richer while amassing more control over the Blockchains as eventual centralization of the networks is realized.

Considering the engineering cost of coming up with an ASIC miner, and the fact that ASIC miners are more powerful that GPU and CPU miners (that mostly belong to hobbyist), companies like Bitmain are able to niche down the manufacturing of ASIC miners and even set up their own mining operations with equipment at low production cost. It is this unfair advantage that leads to an uproar whenever a new ASIC mining machine is introduced into the market. To gain back control over the mining of a particular Blockchain, developers of Blockchains such as Monero decide to fork their networks and change the mining algorithms with every release of a new ASIC miner. Although it’s a short-term solution, it has so far worked for Monero.

Is Bitcoin decentralized enough?

Bitcoin, on the other hand, has had to deal with this issue since its inception. A cartel of miners has managed to actively sabotage the network’s decentralization with more powerful ASIC miners that give a group of individuals more control over the network. Obviously, Satoshi Nakamoto was unable to foresee this problem at the beginning. In fact, as the first ever Blockchain application, Bitcoin was designed to be mined only by CPUs so as to give each CPU a voice over the voting and decision made on the Blockchain. For Bitcoin, this capacity is long gone given the level of difficulty the network has reached.

How Digibyte’s upcoming hard fork will solve the problem

This is why Blockchains like Digibyte are planning to soon hard fork their Blockchain so as to change some of their mining algorithms in favor of GPUs. This is not only good news to those who own home mining rigs and are looking to mine DGB but also music to the ears of DGB holders as the network will maintain its decentralization.

As one of the fastest up and coming Blockchains, Digibyte boasts of having one of the most robust yet easy mining protocols in the crypto space. In fact, the Digibyte foundation came out strongly to protect the reputation of the Digibyte’s Blockchain network security after an altcoin’s 51% attack led to concerns over the security of altcoins. Currently, you can mine DGB with multiple mining algorithms, making it one of the most decentralized and secure Blockchain networks there is.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

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Bitcoin

Investors Beware: Another Large Bitcoin Crash Might Be Coming

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Bitcoin crash
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The crypto prices have surged quite high in the last few months. Of course, their progress is nowhere near the one seen in 2017, but they appear to be getting there, one day at the time. However, things might not be as simple as that, and according to recent performance — it is more than possible that a major Bitcoin crash is incoming.

The fact is that cryptos saw a massive amount of growth in a very short period. Bitcoin itself more than doubled its price in only two months. Now, the rally is starting to crash in on itself, and the coin is already about $1,000 lower than last week. If such development does come to pass, a lot of people will experience quite large losses, although experienced investors might find some opportunities, and leverage in order to enhance their holdings’ long-term value.

For example, Bitcoin dominance is expected to crash very quickly, which will work in favor of quite a lot of altcoins. While this does not seem to be the best time to invest in BTC, altcoins are another story, and diversifying a portfolio now might end up being very profitable in days to come.

Bitcoin behavior mirrors the pre-bear market situation

The crash that analysts are predicting right now comes as a direct consequence of all the hype that has been building up in…

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Altcoins

Top 3 Coins to Buy Before They Go Big

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Crypto bulls are back, that much is clear. The long-lasting, harsh crypto winter is gone, and the new era in digital currency sector opens up some rather interesting opportunities. With many more bull runs expected to come in months ahead, a lot of coins are likely to blow up and maybe even hit new all-time highs, although that still remains purely theoretical.

On the other hand, the fact is that numerous coins are seeing prices that were not achieved since early 2018, and the overall momentum remains bullish. With that in mind, even if new records do not come for a very long time — chances are that many of the coins will blow up enough for investors to see some serious gains in months to come. As a result, investing in some of these coins now might be a very profitable decision, for those who have the patience to wait a few months. Here are some of the projects believed to have the greatest potential to go big in the second half of 2019 and beyond.

1. TRON (TRX)

Putting TRON on the list should not really surprise anyone, as the project constantly comes up with new project updates, partnerships, and alike. It also constantly breaks records, as is becoming one of the biggest players in the dApp and smart contract development sector.

In the past few…

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Blogs

Can Crypto Credit Cards Disrupt the Fight Against Financial Crime?

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crypto credit cards
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It is commonly known that the world of finances has the biggest problem with the crime of all existing industries around the world. It has been so throughout history. While the financial world has evolved, so did the criminal activities, and they continue to be an issue. With the arrival of cryptocurrencies, many were hoping that financial crime might be disrupted. However, for now, at least, it appears that cryptos themselves cannot find a way to resolve issues such as international money laundering.

In fact, when it comes to money laundering, the crypto sector appears to be the weakest link, especially because of the nature of digital currencies. The anonymity that cryptos are being praised for means that anyone can get a payment from an unknown source from anywhere in the world. This method can then be used for financing drug trafficking, cyberattacks, terrorists, and more.

Until recently, it was not easy for bad actors to make use of cryptocurrencies obtained for illegal purposes. The number of merchants willing to accept the coins was low, and criminals were forced to find a way to exchange crypto into fiat currencies. However, this came with a set of issues, such as taking foreign exchange risks and then sending the money through wallets and exchanges to a banking system that would allow withdrawal. The banking account was the biggest obstacle here,…

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