The decentralized nature of cryptocurrencies was designed to promote an equitable distribution of resources. Unfortunately, as crypto grew in popularity and its potential rewards increased, mining farms started gaining dominance over the industry.
This can be seen by the major drop in Bitcoin network hashrate when one Chinese mining hub suffered from a power outage lately – which materialized in a dramatic crash of the cryptocurrency. Such developments have led to new coins that are resistant to ASICs (Application-Specific Integrated Circuits) being created to protect decentralization within the crypto space. Check out how can you sell Bitcoin to cash.
The cryptocurrency is technically ‘ASIC-resistant’, meaning coins can be mined but it isn’t financially worthwhile with the algorithm used by the protocol provides no real benefit over GPU mining, and offers more evenly distributed mining abilities to participants with regular PCs. This ultimately leads to a fair distribution of resources amongst miners and helps keep networks decentralized.
Application-specific integrated circuits (ASICs) play an important role in fields such as medicine, satellites, research and many more. In the world of cryptocurrency, ASIC-resistant coins refer to those with unique mining algorithms and protocols that make it less attractive for miners to create specialized hardware dedicated only to mining these coins. Thus, making them “ASIC resistant”.
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