Top Valuable Coins SHA-256 ASICs Can Mine other than Bitcoin

May 20, 2019 - Expert Commentary, How-To Articles

ASIC Cryptocurrency

The beauty of Bitcoin and cryptocurrencies lies in their decentralization. Consistently shining from 2009, Bitcoin is the pioneer of many coins that promise freedom. Freedom does admittedly vary depending on what’s at stake. 

The ability to move value across geographies without checks is freedom. So is the ability to store value independent of mainstream asset classes during times of turbulence. Freedom is also in its ability to act as a bank. For the latter scenario, the owner can use the acquired asset to own more. Furthermore, this possibility can open up more doors of infinite investment opportunities. An example of this is decentralized finance (DeFi). 

In the crypto investments sector, Bitcoin is an indispensable player. A matchmaker you can’t ignore.

The Age of ASICs

Underneath blockchain and similar cryptocurrencies, Bitcoin source code is open for improvement, and the development of other auxiliaries lies mining. The use of gear and commitment to invest in utilities is because of the incentivization model in place. 

Bitcoin is undergirded by geographically distributed miners who have deployed powerful Application-Specific Integrated Circuits (ASICs) to not only have an edge and earn as many coins as possible but to secure the network against grumpy and regressive institutions who view BTC as an adversary.

However, like any enterprising investor, seeking to pour millions into the technology of the future correctly, it is only natural for curiosity to kick in and therein, ask several questions for clarity. The main question that comes up is which high liquid coins Bitcoin SHA-256 ASIC miners can switch to in case the gig operator is asked to diversify or take advantage of opportunity cost.  Such a scenario occurs whenever there is a contentious hard fork in networks that utilize the same source code. Clarity is paramount.

Top 3 Coins SHA-256 ASIC Miners Can Hash

Several ASIC miners have the design to be effective in Proof of Work networks as Litecoin, ZCash, or NameCoin. For example, Litecoin network relies on Scrypt-based ASICs, while ZCash has Equihash ASICs in place. 

All of them generate different hash rates yielding different profits at their respective networks. For this reason, novices must differentiate between algorithms driving different Proof of Work networks. 

The Bitcoin ASIC miners actively solve SHA-256 hashes. The successful mining pool earns 12.5 BTCs, which is weighted and split according to contributed hash rate. Although other factors could affect profitability, there arises a situation where a rig owner can decide to diversify-driven by profit maximization, and mine different SHA-256 based coins using the same mining equipment. 

Whenever there is a need for such, these coins can be mined by the same SHA-256 mining rig that can simultaneously mine BTC with high efficiency. These alternatives are:

1. Bitcoin Cash (BCH)

To clarify, and this is extremely important, Bitcoin Cash is not Bitcoin. Proponents of Bitcoin Cash, especially Roger Ver, do market the altcoin-Bitcoin Cash, BCash, or BCH, as the “true Bitcoin,” a fallacy. Many novice traders who jumped in from the deep end without doing their due diligence have been caught up in this confusion and, consequently, money, running to millions of dollars, forever lost. 

However, Bitcoin and BCH share a background. Before August 2017 debacle around SegWit2X, there was no BCash, only Bitcoin. BCash is a hard fork of Bitcoin, and the failure of the majority to support the expansion of block size from 1MB to 2MB leads to a split. The minority, including a Bitmain backed mining pool, and Roger Ver supported Bitcoin Cash. 

Initially, its price soared to over $4,500 in Dec 2017 before tumbling to less than $150 by Dec 2018. Technically, Bitcoin Cash is distinctive because of the large block size-the last hard fork saw it increased to 32MB, on-chain scalability, recent smart contracting capabilities, and low fees but low transactional value. 

Deploying a single Bitmain Antminer S17+ on the Bitcoin Cash network would yield a daily profit of $3.94 at the current BCH spot rate of $213.88. 

2. Bitcoin Satoshi Version (BSV)

With contention around block size and scalability, it was no surprise that Bitcoin Cash splintered once more in the now disreputable and wasteful Hash War. It was estimated that each day, both chains lost an approximate $500,000 in opportunity cost every day.

This event was catastrophic for Bitcoin Cash’s and Bitcoin’s hash rate and price. Bitmain was forced to funnel hash rate from their China-based mining farms to support the Bitcoin Cash network while fighting against a determined nChain’s Craig Wright who had the support of CoinGeek’s CEO Calvin Ayre, a gambling figurehead. Bitcoin SV came about on November 15, 2018. 

The main source of contention was the dispute for larger block size and the battle for the BCH ticker symbol. While Roger Ver and team wanted the block size to remain at 32 MB, Craig was adamant that a higher block size would mean better scalability. 

The difference led to a hash war that eventually created another Bitcoin iteration called BSV, gifting BTC owners yet another dividend. BSV trades at $97 at spot rates and is down from $150. Craig wright claims that BSV is a restoration of the original Bitcoin, adding that he is Satoshi Nakamoto, the anonymous inventor of Bitcoin-for this claim, Changpeng Zhao, the CEO of Binance, was infuriated, consequently delisting the coin in early 2019. Each block size in the Bitcoin SV network is 132MB. 

Deploying a single Bitmain Antminer S17+ on the Bitcoin SV network would yield a daily profit of $3.69 at the current BSV spot rate of $96.65. 

3. DigiByte (DGB)

DGB is one of the oldest crypto projects in relative terms and notably claims to operate what they say is the longest chain in the world. The reason for this is their fast block generation time. This network generates a block every 15 seconds. Therefore, the network throughput is 40X that of Bitcoin but increases every two years as the block size doubles. By 2035, DigiByte throughput will reach 235,000 TPS. In total, there will be 21 billion DGB coins ever to circulate. 

Jared Tate launched the open-source project in January 2014. Notably, it is independent of control by a single entity thanks in part to their use of five Proof of Work algorithms and splitting of mining operations and power effectively preventing the centralization. DigiByte integrated SegWit and has over 10,000 servers. They are better known for Digishield, a cyber-security solution used by amongst others ZCash and Dogecoin.

Deploying a single Bitmain Antminer S17+ on the DigiByte network would yield a daily profit of $2.89 at the current DGB spot rate of $0.0064288 from the estimated rewards of 1,152 DGB coins. 

Alternative Coins

You can mine the above liquid coins using SHA-256 tuned ASICs. Obviously, there are tons. Elastos and Syscoin, for example, have a merged mining feature. Accordingly, the network’s security is pinned on Bitcoin’s meaning they are stable and have high throughput. Other pure SHA-256 coins with decent market caps and trade volumes include NiceHash, DigitalCoin, Unobtanium, NameCoin, Litecoin Cash, and many others. 

Mine Bitcoin and other ASIC-coins From a Data Facility in the US

Keen on changing the existing narrative around Bitcoin mining, VBit Technologies has strategic partnerships with hardware mining facilities in Colorado and Alberta (Canada). The SHA-256 focused hash rate platform is legal and licensed to operate from the United States. 

For validity, they have a clear business structure with an easy to use platform. This platform offers different hash rate packages complete with an onsite Bitcoin calculator. They also ensure that their mining gear is always up-to-date and efficient.

Registration is easy and free! Sign up and start mining Bitcoin today!

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