Combined mining

youxian (49)in zzan • 2 years ago

https://photo.weibo.com
When it comes to joint mining, there are actually two different definitions. The first type can be understood as a cooperative mining model with miners. As the difficulty of mining on the entire network increases, the threshold for mining is getting higher and higher, and the price of mining machines is rising accordingly. Many friends who want to engage in the mining industry For a while, there is not so much money to buy mining machines. In this case, you can choose a reliable large miner to cooperate in joint mining.

The second concept of joint mining can be understood as one or more low-value currencies bound to a high-value currency and using the same batch of computing power for mining, such as mining LTC (Litecoin) which is currently common Send DOGE (Dogecoin), mine BCH (Bitcoin Cash) and send SYS (system currency), etc.

Today we focus on the second type, and the joint mining mentioned below also adopts the second type of definition.

Combined mining was first applied to Bitcoin. In 2011, there was an incentive method for mining Bitcoin to send Namecoin. Until today, all currencies bound to Bitcoin can make a table of mahjong, except for NMC (Namecoin). , such as SYS, EMC (Emerging Coin), Elastos (ELA), etc. are regular customers.

According to the data from the CoinMarketCap website, the total market capitalization of these low-value coins ranks outside the 300th place. Among these small coins, SYS has the highest total market capitalization, ranking 315th. It can be seen that most of the currencies that are willing to bind themselves to high output value are small currencies with poor liquidity and low turnover rate, except for Dogecoin, which was accidentally popularized by Musk later.

There are still many conditions for binding joint mining with mainstream currencies: one is that the algorithms used between the two currencies must be the same. Currency joint mining. Like Dogecoin, although both it and Litecoin are based on the Scrypt algorithm, the computing power of Dogecoin in 2014 was only 1/15 of that of Litecoin. So at the suggestion of Charles Lee, the founder of Litecoin, the Dogecoin community, after intense discussions, finally decided to bind with Litecoin for joint mining.

https://photo.weibo.com/
So how is joint mining realized? It can be simply understood that in the case of joint mining, the high output value of the two currencies is the main chain, and the one bound to it is the auxiliary chain. For example, if Litecoin is bound to Dogecoin, then Litecoin is the main chain and Dogecoin is the auxiliary chain. Through Auxiliary Proof of Work (auxiliary proof of work) technology, the auxiliary chain can generate blocks without affecting the main chain. Next, verify your own block with the help of the computing power of the main chain.

Nowadays, the major mining pools have basically launched the joint mining function. For example, the ViaBTC micro bit mining pool has supported the joint mining of the three major currencies of BTC, BCH, and LTC. The current gift ratio is as follows:

https://photo.weibo.com/
Joint mining is not only conducive to the improvement of the computing power of small currencies, but also promotes the credibility of the small currency network, which can increase the activity and popularity of the currency community in a short period of time, and at the same time increases the adoption of 51 The cost of the % computing power attack guarantees the security of the currency chain to a certain extent. Of course, the process of community voting is indispensable for small coins to be bound to joint mining. After the voting is passed, technical upgrades must be achieved.