What coins can be mined with dual mining (Dual mining Chia)
What coins can be mined with dual mining? Editor\’s note: This article is from Co
What coins can be mined with dual mining? Editor’s note: This article is from Colorful Cloud Blockchain (ID: cybtc_com), authorized and reprinted by Odaily Star Daily.
According to the Bitcoin Core team, earning profits by providing mining fees on the Bitcoin network can achieve “zero threshold” mining, which means that dual mining can continue to profit without affecting security. However, if there is competition between two mining pools and they cannot cooperate with each other, this situation may cause a price drop in the entire cryptocurrency market, resulting in huge economic losses, and therefore it is also called dual mining phenomenon.
Due to the complexity of dual mining, users need to bear the risk of cooperation and transaction costs among multiple mining machines. In order to solve the above problems, Bitcoin Core has developed two solutions:
One is to run a block confirmation in a single server; the other solution is to use two different nodes to participate in one of them at the same time, and ensure that they can share the same data set.
These methods are based on a single computer code or some other external technologies, such as the mining algorithm of GPU graphics cards and the design of ASIC chips, but these computing devices are not specifically designed to support any specific application. For example, the EIP-1559 proposal on Ethereum adjusts all mining difficulties to 1GB/second, while the latest Ant S17 Pro ASIC chip design from Bitmain adopts a brand-new PoW consensus mechanism, allowing miners to no longer rely on centralized exchanges, custodians and other intermediaries, but rather choose their own preferred mining hardware as service providers.
Currently, there are already various solutions on the market for such problems, including BTC Lightning Network, BCH sidechains, EOS sidechains, Tezos sidechains, etc. However, these two solutions are still in the concept verification stage and have not fully matured. In addition, there is a new solution- exploiting smart contract vulnerabilities, allowing someone to arbitrarily modify the code.
Dual mining Chia
According to official news, Chia Network has launched dual mining, which is a dual mining mechanism, on July 15. After Chia’s mainnet goes live, token outputs will be destroyed in the network, thereby reducing the proportion of token supply and issuance. Users can obtain funds through two channels: one is to purchase tokens through private placement; the second is to trade directly on the exchange, buy and lock assets for exchange (if the price is higher than the cost) to make a profit.
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