I'm new to this forum and even to cryptomining. I want to start mining florincoin and want to invest in an asics miner (Antminer S7 to be precise).
How do I setup my pc or future asics rig to mine florincoin? Should I just download the florincoin wallet or is there another program that should be installed and executed?
Also can somebody explain to my how I should choose my asics miner, I see that there are different algorithms for each coin and that Asics are specifically build for one algo.
What algorithm is florincoin and is the Antminer S7 able to work with this? What performance can I expect to get in hashing power?
If someone could give me a kind of overview what is important to know so I can research a little bit more myself and get a good understanding what is important.
-MrTrex
Florincoin uses the scrypt algorithm for proof of work. You can't mine that with Antminer S7. An ASIC like that just does a simple work of calculating double sha256 hashes, hence the latest antminers can calculate more than 10TH/s.
Scrypt was meant to be an encryption algorithm, nowadays you probably better don't encrypt nothing using scrypt, because anyone in the world with an ASIC could probably decrypt it within minutes.
Search for ASIC scrypt in this board: https://bitcointalk.org/index.php?board=160.0 Mining (Altcoins)
Since cgminer dropped support for scrypt, you'll have to use either bfgminer (https://github.com/luke-jr/bfgminer) or modified versions of cgminer like this one: https://github.com/dmaxl/cgminer.