19 Feb 2019 #Ethereum
The year 2018 was particularly difficult for miners who had to experience numerous shutdowns and oftentimes grew frustrated over the radical drawdown of computation capacities of many mining devices. However, there might be the light at the end of the tunnel radiated by the grinning yellow emoticon.
The Grin Coin has been the main talking point in the global crypto mining community since the beginning of the year, and for a good reason. Thanks to Grin, the GPU mining has once again become an activity that offers a relatively stable income.
The early stages of Grin introduction were the most profitable in terms of mining since the average expenses necessary to mine one Grin Coin amounted to the mere 20 cents whilst the initial exchange rate of that cryptocurrency was calculated at around $14 per token. However, these extremely lucrative indicators have correlated rather quickly, and now the average-weighted cost of Grin mining is $3/coin. Although these are very approximate estimates because it is necessary to take into account a plethora of factors in order to achieve more or less precise figures.
Nevertheless, the profitability of Grin mining is currently beyond dispute, as confirmed by a customer manager of SparkPool, one of the largest Ethereum mining pools in the world, famous for its state-of-the-art defense mechanism against DDoS attacks. He admitted that according to the latest statistics, the earning power of Grin mining is even higher than that of Ethereum. It should be noted that Grin is an ASIC-resistant coin, and the profitability of mining could be obtained only through the use of graphics cards with no less than 5.5GB of RAM. Therefore, if you want to make some money mining Grin coin, the best way would be to assemble a mining rig using high-performance graphics cards, such as NVidia GeForce GTX 1060 6GB or AMD XFX Radeon Sapphire HD 7990 6GB.
However, the GPU miners should be aware of the fact that their privileged status won’t last forever. In one of their recent tweets, Innosilicon, one of the powerhouses in the industry of ASIC production, announced that they are planning to release the Grin ASIC miner later this year.
It remains to be seen whether the introduction of Grin ASIC would mean the end of days of hassle-free profitability for smaller miners.
Grin Coin is a brainchild of an anonymous developer, or a group of developers, know as Igno Peverell, which is somewhat reminiscent of the mystery behind the identity of Bitcoin’s creator Satoshi Nakamoto. The cryptocurrency positions itself as a private, scalable, and open coin, which can be explained by the fact that it runs on the Mimblewimble blockchain.
In a nutshell, Mimblewimble is an open-source protocol that provides for the absolutely confidential transactions which are achieved through the utilization of the so-called ‘blinding factor’, the homomorphic encryption of value with the unsystematic string of digits. Interestingly, the name of the protocol is derived from the ‘tong-tying curse’ used by Harry Potter.
What sets Mimblewimble, as well as Grin coin, apart from others is the fact that this blockchain doesn’t generate public addresses. The only thing that the user has is a private key which is never disclosed to the network as well as the information about the volume of transferred funds. Moreover, Mimblewimble is an extremely compact blockchain due to the fact that it is capable of multiplying a hash of an individual transaction with the collective hashes. This feature ensures the enormous scalability potential for Mimblewimble and Grin Coin.
All in all, Grin Coin has marked the emergence of a new facet of the blockchain technology and made the crypto world even more varicolored.
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