Guest post by Marco Streng from Genesis Mining
Marco is the Co-Founder of Genesis Mining.
It’s about remembering the people who were there in the beginning.
All the cryptocurrency in the world traces its origins to raw mathematics — if you can solve complicated math problems faster than anyone else, then you stand to profit. As a result, members of the mining community find themselves in a figurative arms race to run the biggest, baddest mining rigs they can. And these days, that means using an ASIC miner.
ASIC stands for “application-specific integrated circuit.” These are a category of computer chip that exists to do exactly one thing at maximum power and maximum efficiency. Specialized ASIC chips have driven all kinds of electronic devices in the past, but when they emerged for crypto applications in 2013, they blew everything else away.
The previous standard was GPU mining, in which people used high-performance video cards to calculate the math that could yield them cryptocurrency. GPUs were the go-to hobbyist choice because they were as plentiful as they were multipurpose — you only needed to have a gaming PC with a strong graphics card to successfully mine crypto. But ASICs were a cut above, designed from top to bottom to be better, faster, and stronger than the best mining GPUs.
This left a lot of people cut out from their mining activities — they couldn’t keep pace with the new ASIC chips. A homebrew mining operation that was profitable one week was effectively extinct the next. If you had invested time and money into supporting the crypto ecosystem (while earning some money at the same time), you’d be predictably grumpy to see it go away overnight.
I understand the call for ASIC-resistant algorithms. » Read Full Article «