Can all currency be mined? | Bitcointalksearch.org

FP91G

legendary

Activity: 1834

Merit: 1131

Quote from: savetheFORUM on March 16, 2023, 12:25:38 AM

Quote from: Pterosaur on March 14, 2023, 04:24:33 AM

You can only mine cryptocurrencies with the PoW [Proof of Work] Algorithm, most new crypto this days are all Proof of Staking for some reason, since the day I have started learning about crypto I have grown to like pow projects more, they are more secured than Pos coins, to attack a pow coins you can only do that with a large amount of hashing power, probably having 50% of all the available hashrate on pool, it's not going to be easy.

My guess is because their leader Ethereum have switched from Proof of Work to Proof of Stake. Another more valid reason is because Proof of Stake is more friendly to the environment so it is mostly approved by the government than the proof of Work coins.

This might also be the reason on why ETH have decided to change it's consensus mechanism but a lot of people didn't really like that idea, especially the miners because they can not mine ETH anymore. Not only that POW coins are more secure but I think they are also more fairer. Another reason why many of us dislike that change is because it makes the coin more centralized.

One of the reasons for not having a large number of ASICs for Ethereum mining was the planned POS mining algorithm.
If the algorithm did not change, then asiki would have long since ousted video cards from the market. We have seen ASICs E9 Pro 3.7GH. Perhaps in a year ASICs with a hashrate of 10GH would have appeared and the story with bitcoin repeated when video cards became useless.

savetheFORUM

full member

Activity: 1134

Merit: 140

Quote from: Pterosaur on March 14, 2023, 04:24:33 AM

You can only mine cryptocurrencies with the PoW [Proof of Work] Algorithm, most new crypto this days are all Proof of Staking for some reason, since the day I have started learning about crypto I have grown to like pow projects more, they are more secured than Pos coins, to attack a pow coins you can only do that with a large amount of hashing power, probably having 50% of all the available hashrate on pool, it's not going to be easy.

My guess is because their leader Ethereum have switched from Proof of Work to Proof of Stake. Another more valid reason is because Proof of Stake is more friendly to the environment so it is mostly approved by the government than the proof of Work coins.

This might also be the reason on why ETH have decided to change it's consensus mechanism but a lot of people didn't really like that idea, especially the miners because they can not mine ETH anymore. Not only that POW coins are more secure but I think they are also more fairer. Another reason why many of us dislike that change is because it makes the coin more centralized.

Pterosaur

member

Activity: 207

Merit: 12

Syntrum.com

You can only mine cryptocurrencies with the PoW [Proof of Work] Algorithm, most new crypto this days are all Proof of Staking for some reason, since the day I have started learning about crypto I have grown to like pow projects more, they are more secured than Pos coins, to attack a pow coins you can only do that with a large amount of hashing power, probably having 50% of all the available hashrate on pool, it's not going to be easy.

JayDDee

full member

Activity: 1424

Merit: 225

Many users use the pick-axe icon in their subject line about mining. That makes it pretty clear they mean POW.
POS is more like a term deposit.

OgNasty

donator

Activity: 4760

Merit: 4323

Leading Crypto Sports Betting & Casino Platform

Quote from: BitMaxz on February 28, 2023, 05:48:52 PM

It's a big no.
Currencies are not mineable unlike Bitcoin and other Crypto.

Currencies are controlled by central banks and only them can generate new money and no one else.

Unless you mean it Cryptocurrencies, not currency?

Even if they/them (see what I did there?) are talking about cryptocurrencies, the answer is the same. No. You have to look no further than the second most popular cryptocurrency in the world, Ethereum, which can no longer be mined as a result of their fork to ETH2.0. Thousands of others have similar chains that aren’t mined to create new coins.

FP91G

legendary

Activity: 1834

Merit: 1131

Quote from: Bitcoin_Arena on March 05, 2023, 06:50:44 PM

Quote from: dansus021 on March 04, 2023, 09:29:29 PM

It always depends on Consensus Mechanism the list above is Proof of Work.

There is a coin that can Mine crypto using another consensus mechanism like Proof of Stake you generally mine a new coin by producing a block when you find a new block. Like DASH by Lock/stake some coins and you will add to the list of validator. and can earn money

If POS enables a form of mining, then why aren't we seeing other coins that use the POS consensus mechanism like BNB, Cardano, Solana in the minable coin lists?

Because staking for rewards is not mining in technical terms

POS is crap. I can assume that if a miner buys equipment in order to make his own node and receive a reward, this can be called mining.
But if you give your coins to another service that does all the work for you or then deceives you, then this is no longer mining.

Bitcoin_Arena

copper member

Activity: 2114

Merit: 1814

฿itcoin for all, All for ฿itcoin.

Quote from: JayDDee on March 05, 2023, 07:50:21 PM

Mining, in technical terms, is digging dirt looking for specific metals or minerals. Last time I checked my GPUs can't dig dirt.
You're arguing about metaphors. They can mean anything you want them to mean.

To be fair, digging dirt also involves some hardware power in order to extract minerals, I believe this is the whole point of the careful selection of the word mining, isn't it? Otherwise, they couldn't have ended up with "mining". They could have just said we are producing or growing or constructing Bitcoins Grin

...and AFAIK, not all conventional mining involves digging dirt.

But we are diverting away from the topic

I wake up one day, stake 10,000 BNB in anticipation for a staking reward which I know it will receive based on all those mathematical APYs and APRs. Do you consider this crypto mining?

matejbilahora

sr. member

Activity: 1419

Merit: 275

Community built, Privacy driven

If you want to try mining, try Pandanite ( https://discord.gg/tNKcfjWttj ), both cpu and gpu mining. Maybe something will be out of it

JayDDee

full member

Activity: 1424

Merit: 225

Quote from: Bitcoin_Arena on March 05, 2023, 06:50:44 PM

Quote from: dansus021 on March 04, 2023, 09:29:29 PM

It always depends on Consensus Mechanism the list above is Proof of Work.

There is a coin that can Mine crypto using another consensus mechanism like Proof of Stake you generally mine a new coin by producing a block when you find a new block. Like DASH by Lock/stake some coins and you will add to the list of validator. and can earn money

If POS enables a form of mining, then why aren't we seeing other coins that use the POS consensus mechanism like BNB, Cardano, Solana in the minable coin lists?

Because staking for rewards is not mining in technical terms

Mining, in technical terms, is digging dirt looking for specific metals or minerals. Last time I checked my GPUs can't dig dirt.
You're arguing about metaphors. They can mean anything you want them to mean.

Bitcoin_Arena

copper member

Activity: 2114

Merit: 1814

฿itcoin for all, All for ฿itcoin.

Quote from: dansus021 on March 04, 2023, 09:29:29 PM

It always depends on Consensus Mechanism the list above is Proof of Work.

There is a coin that can Mine crypto using another consensus mechanism like Proof of Stake you generally mine a new coin by producing a block when you find a new block. Like DASH by Lock/stake some coins and you will add to the list of validator. and can earn money

If POS enables a form of mining, then why aren't we seeing other coins that use the POS consensus mechanism like BNB, Cardano, Solana in the minable coin lists?

Because staking for rewards is not mining in technical terms

joniboini

legendary

Activity: 2170

Merit: 1789

Quote from: Bitcoin_Arena on March 04, 2023, 06:14:04 PM

Year POW has definitely been the main one especially for old coins, but we now have so many consensus mechanisms cropping up here and some of them also use hardware to "mine" coins

Using known terms from other coins to promote their own network is not really new tbh. Just like how the term "decentralized" become so widely used but most of the time it refers to different things which make new users become misled later on. I think "mining" also has this kind of problem, not to the same degree as "decentralized" though. Sometimes it refers to earning coins through submitting blocks in the PoW style, but the speaker/project also uses it to refer to earning coins from staking, etc. Hopefully, new users will explore more, and won't stop knowing the terms from marketing articles in the future.

FP91G

legendary

Activity: 1834

Merit: 1131

Quote from: Edcrypto91 on February 28, 2023, 05:12:30 PM

I came across this question earlier today by a friend so I decided to ask here

You cannot, but if you want to accumulate the coin you need, then you use the application for algorithmic mining, for example Nicehash or Kryptex. You will receive a reward in bitcoins and therefore buy the desired coin. If you have inexpensive electricity, then you can see the profit and payback in the calculator https://hashrate.no/

JayDDee

full member

Activity: 1424

Merit: 225

Quote from: dansus021 on March 04, 2023, 09:29:29 PM

There is a coin that can Mine crypto using another consensus mechanism like Proof of Stake you generally mine a new coin by producing a block when you find a new block. Like DASH by Lock/stake some coins and you will add to the list of validator. and can earn money

Masternodes is just another form of POS, when Darkcoin/DASH jumped the shark. Darkcoin was the first coin I ever mined, with a i5-2400 in "cpu-pool"
just before ccminer appeared and GPUs took over.

A lot of the new PO* variants are either scams or shitcoins.

dansus021

copper member

Activity: 2156

Merit: 983

Part of AOBT - English Translator to Indonesia

Quote from: Bitcoin_Arena on March 03, 2023, 06:57:34 PM

I believe you wanted to ask if all cryptocurrencies can be mined

The answer is Not all of them can be mined, depending on the consensus mechanism. Others are just merely tokens dependent on other blockchain networks

You can track using this watch lists.
1. https://coinmarketcap.com/watchlist/6172cd5ef461ac69e6c4b160/
2. https://minerstat.com/coins
3. https://www.coinlore.com/mineable-coins

This will give you a list of Mineable coin with hardware like ASIC, GPU or CPU. the correct version of coinmarketcap URL was this https://coinmarketcap.com/view/mineable/.

It always depends on Consensus Mechanism the list above is Proof of Work.

There is a coin that can Mine crypto using another consensus mechanism like Proof of Stake you generally mine a new coin by producing a block when you find a new block. Like DASH by Lock/stake some coins and you will add to the list of validator. and can earn money

Bitcoin_Arena

copper member

Activity: 2114

Merit: 1814

฿itcoin for all, All for ฿itcoin.

Quote from: JayDDee on March 04, 2023, 09:28:00 AM

Mining is a metaphore for POW. It's just one way to create more coins. Some coins use POS or some other form of proof. It could be called minting.
Not all crypto uses POW but all have some form of rewarding validators.

Year POW has definitely been the main one especially for old coins, but we now have so many consensus mechanisms cropping up here and some of them also use hardware to "mine" coins

One good example of Filecoin that uses Proof Of Replication (PoRep) and Proof of Spacetime (PoSt) consensus mechanisms and then there is Chia network too. Not sure how things are working out for them though.

JayDDee

full member

Activity: 1424

Merit: 225

Mining is a metaphor for POW. It's just one way to create more coins. Some coins use POS or some other form of proof. It could be called minting.
Not all crypto uses POW but all have some form of rewarding validators.

hymperion

sr. member

Activity: 574

Merit: 467

they are just shitocins created to speculate money, nothing else

swogerino

legendary

Activity: 3318

Merit: 1247

Bitcoin Casino Est. 2013

Quote from: hymperion on March 04, 2023, 03:10:44 AM

when you are interested in a coin, the first thing to check is whether it is POW or POS, the latter cannot be mined.

Yes the PoS cannot be mined and to add to this,the PoS coins are usually doomed to fail as this has been the case historically with such coins,they have only enjoyed little early success and then soon after they fail.I am also patiently waiting to see when Ethereum,the most famous currency which could be mined until September 2022 which then switched to PoS,when this coin will fail as there is no other option in my opinion for such coin since they moved to PoS.

By moving to PoS a coin also loses the key factor of decentralization as only a few people who have staked enough coins can validate transactions.

hymperion

sr. member

Activity: 574

Merit: 467

when you are interested in a coin, the first thing to check is whether it is POW or POS, the latter cannot be mined.

yhiaali3

legendary

Activity: 1848

Merit: 1982

Fully Regulated Crypto Casino

Of course, not all cryptocurrencies are minable. In general, there are minable and non-minable coins.

Minable currencies are also different, some of which need an ASIC miner such as BTC, LTC, Doge, and others that are mined through GPUs such as ZEC, ETC, BTG.

Bitcoin_Arena

copper member

Activity: 2114

Merit: 1814

฿itcoin for all, All for ฿itcoin.

Quote from: Edcrypto91 on February 28, 2023, 05:12:30 PM

I came across this question earlier today by a friend so I decided to ask here

I believe you wanted to ask if all cryptocurrencies can be mined

The answer is Not all of them can be mined, depending on the consensus mechanism. Others are just merely tokens dependent on other blockchain networks

You can track using this watch lists.
1. https://coinmarketcap.com/watchlist/6172cd5ef461ac69e6c4b160/
2. https://minerstat.com/coins
3. https://www.coinlore.com/mineable-coins

BitMaxz

legendary

Activity: 3374

Merit: 3095

Playbet.io - Crypto Casino and Sportsbook

It's a big no.
Currencies are not mineable unlike Bitcoin and other Crypto.

Currencies are controlled by central banks and only them can generate new money and no one else.

Unless you mean it Cryptocurrencies, not currency?

Edcrypto91

jr. member

Activity: 43

Merit: 12

You are an anonymous friend if you promote Bitcoin

I came across this question earlier today by a friend so I decided to ask here

Topic: Can all currency be mined? (Read 239 times)