Archive for the ‘Crypto Coins’ Category

RavenCoin (RVN) seems to have appeared out of nowhere for many people and there are still quite a lot of miners that are not aware of this potentially interesting crypto coin. Ravencoin is being described as “a use case specific blockchain designed to carry statements of truth about who owns what asset” and there is still a low unknown about the project. The interest in RVN however keeps growing and more people are getting interested in it and are starting to mine it and as a result the network is growing. You can keep track of how things move on on the useful Ravencoin Statistics website and how the network is progressing over time. The recent announcement that the Ravencoin roadmap and accompanying paper will be published on April 3 have further helped to increase the interest as currently there is just a short White Paper regarding the new X16r algorithm used by the coin.

Up until recently Ravencoin (RVN) was not traded on any exchange and was moved only as OTC sales and that is one of the reasons why the coin remained widely unknown for a while after its initial launch. Recently the decentralized exchange Crypto Bridge has added trading of RVN and that has helped move things further and help miners get more interest as they could easily sell coins. If you are interested in the profitability and are interested in just short term profit there is a useful RVN mining calculator that can give you an idea on how may coins you can mine and what profit you can expect. It can be useful for long term mining and holding as well as you can get an idea with what GPU mining hardware how many coins you can expect to mine, even though short term profitability does seem to be pretty good at the moment.

There is always a risk with new coins, especially when they tend to be more cryptic and not fully transparent at the beginning regarding what they are about and what their future plans are. So there is risk with Ravencoin (RVN) as well at this point as there are still a lot of unknowns, but higher risks do seem to pay out well if things tend to turn out for the better.

For the AMD X16r sgminer fork for Raven (RVN) Mining…
For the Nvidia X16r ccMiner Enemy 1.03 fork for Raven (RVN) Mining…

It seem that lately it is easier to just fork an established coin than to think of something new and original and try to realize your ideas, after all who refuses free money, right? The next in line is DOGE with an upcoming unofficial fork called Dogethereum (DOGX) that is apparently planned for the end of the year. Dogethereum (DOGX) as the name implies will be using the mining algorithm used by Ethereum – Ethash (Dagger-Hashimoto) and the owners of DOGE will receive the same amount of DOGEX coins after the fork as what they had in DOGE. There are not much details about the fork announced at the moment, besides some basic information and the intent to fork the coin, so it might as well not happen. We’ll have to wait and see, though we suspect there might be some other unofficial forks for DOGE incoming after this announcement to happen much sooner…

TO check out the announcement of the Dogethereum (DOGX) project on Bitcointalk…

If you just had enough of Bitcoin forks lately, then this might be of interest – an upcoming Litecoin fork called Litecoin Cash (LCC) is coming up shortly and it will be using SHA256 as mining algorithm among some other changes. The Litecoin Cash (LCash anyone?) will be forking at Litecoin block which should occur on or around February 19th, 2018 will have a 10:1 claim ratio for Litecoin (LTC) users holding their coins in a local wallet or a compatible exchange or service that will support LCC. The maximum LCC supply will also be 10 times higher at 840 Million and the block reward will also be 10 times higher than what Litecoin currently has, so 250 LCC per block. The target block time remains at 2.5 minute, though difficulty adjustment will be changed, LitecoinCash will be using Evan Duffield’s proven DarkGravity V3 algorithm from Dash to recalculate mining difficulty on every block. There will also be a a slow start for the mining so block rewards will start at 1.25 LCC and grow to 250 LCC over the first 400 blocks after the fork. Unfortunately there is also a mention of a premine, supposedly less than 1% of total money supply at fork time to be paid to a development fund (should be about 5.5 Million LCC).

The reason that the team behind Litecoin Cash (LCC) cites as choosing to switch to SHA256 proof-of-work algorithm for mining is that this should enable a new use for previously obsolete Bitcoin mining hardware. While that may be true it will also open up the doors to large mining farms using up to date Bitcoin mining hardware, so well… good luck with that if things pick up fast. The “small premine” is not small at all even at 1% considering that there are already 55 Million Litecoins in circulation (out of 84), so around 550 Million at forking time for LitecoinCash out of 840 Million. The 1% premine is 5.5 Million LCC or 550 Thousand LTC, looking at it this way certainly does not make it “small premine”, does it? So next up anyone else seeing Litecoin Gold or more likely Litecoin Silver with Equihash or another GPU friendly mining algorithm? Anyway, nobody holding LTC is going to refuse some free coins, just be careful and always transfer your Litecoin coins to a fresh address first before importing any private keys into LitecoinCash or any other fork wallet for that matter.

Here is how Charlie Lee (the creator of Litecoin) has comment on Twitter regarding LitecoinCash (LCC) and any other forks that use Litecoin as a part of their name, according to him “any forks that you hear about is a scam trying to confuse you to think it’s related to Litecoin”. It is up to you to decide for yourself should you support LitecoinCash (LCC) and/or any other forks that may come out bearing the name Litecoin something.

For more information about the upcoming Litecoin Cash (LCC) fork of Litecoin (LTC)…


top