Topic: Xbox360Coin - page 2. (Read 2433 times)
I like this idea, do it. Should this be in project development? I'm sure at this point people have to be busting out some form of PS3 mining.
I just wanted to push an idea out there that occurred to me following the GPU discussion.
The idea is a cryptocurrency that is optimized for mining with specialized hardware, but specialized hardware that already exists and is widely distributed. I'm thinking consoles, like the Xbox360 or the PS3.
You'll remember the problem I was interested in solving was allowing for widespread mining at a reasonable rate to help adoption of the currency.
This would aid adoption because a lot of people have an unused console about the house. People could pop a disk in the drive, switch it on and convert electricity to cryptocurrency. (At a reasonable rate, and the exactly the same rate as others)
There wouldn't be a botnet problem - consoles booting from a disk would be unlikely to be infected with anything. (Probably a more secure way to operate a cryptocurrency wallet than from a PC too)
It would probably be possible to design a work function that takes advantage of particular features of the hardware so that using the console was already the most efficient way to mine the coin, and making FPGA/ASIC wouldn't offer much saving or improvement over the existing hardware.
Commercial mining wouldn't be viable because a commercial operation would need to invest in the hardware, but a home user would already have that as a sunk cost.
The idea is a cryptocurrency that is optimized for mining with specialized hardware, but specialized hardware that already exists and is widely distributed. I'm thinking consoles, like the Xbox360 or the PS3.
You'll remember the problem I was interested in solving was allowing for widespread mining at a reasonable rate to help adoption of the currency.
This would aid adoption because a lot of people have an unused console about the house. People could pop a disk in the drive, switch it on and convert electricity to cryptocurrency. (At a reasonable rate, and the exactly the same rate as others)
There wouldn't be a botnet problem - consoles booting from a disk would be unlikely to be infected with anything. (Probably a more secure way to operate a cryptocurrency wallet than from a PC too)
It would probably be possible to design a work function that takes advantage of particular features of the hardware so that using the console was already the most efficient way to mine the coin, and making FPGA/ASIC wouldn't offer much saving or improvement over the existing hardware.
Commercial mining wouldn't be viable because a commercial operation would need to invest in the hardware, but a home user would already have that as a sunk cost.
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