Miners Now Can Mine Bitcoin and Emercoin Simultaneously
According to Emercoin’s Ivan Kuznetsov, Emercoin is to officially switch to merged mining this February.
“From now on, all users of the platform will be able to mine two cryptocurrencies at once, Emercoin and Bitcoin. Switching to merged mining isn’t a spontaneous desire of the developers, but a well-conceived move. It will prove profitable for both the users and the entire Emercoin system,” he told ForkLog.
According to Kuznetsov, mining is comparable to generation of lottery tickets as one has to find a winning combination out of a million.
“While users check their tickets just in one cryptographic network in case of regular mining, it’s several ones in case of merged mining,” he noted.
Kuznetsov said that merged mining provides for the following advantages:
- An opportunity to earn with two separate digital currencies without increasing equipment capacity.
- Emercoin becomes even safer as blockchain complexity increases 500 times.
- The number of Emercoin users will also increase.
- The network will become more trusted. The trust factor is among the most important ones in the digital world.
Switching to merged mining requires obtaining consent from 95 per cent of a certain pool’s miners. In that case, the network will switch to the new protocol. The novelty doesn’t entail any failures in the platform’s operation as both cryptocurrencies are based on the same algorithm of SHA-256. According to Kuznetsov, there’s only one known disadvantage of merged mining, which is decrease of mining reward.
The spokesperson also noted that Emercoin’s development team sends their proposal to major mining pools so that they would switch to merged mining.
Mining of blocks is possible only once the new client creates any 950 blocks out of 1,000 of the latter ones. As opposed to the client version 0.5.X, the new version 0.6.0 features significant changes, including merged mining with bitcoin; rectification of minor vulnerability of double voting in PoS; and elimination of rare instances of wallet freezing when the number of transactions is high.
Subscribe to our Newsletter<
- Base Block Podcast Host: The Further We Go, the More I Think That the Case of Bitcoin Is Not About the Technology
- Monument to Soviet Construction That Feeds Bitcoin Mining
- Bitcoin Halving Shifts Into Future All the Time: Will It Happen as Scheduled?
- Global Recession: What Are Risks For Bitcoin And Miners
- How Miners Brace Themselves For Halving, and How It Can Impact Bitcoin
- How to Mine Cryptocurrency: Beginner’s Guide
- Opinion: PoW Will Always Be Criticized for Inefficiency
- Bitmain’s New Antminer 17 Series Bitcoin Miners Go on Sale