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Gridcoin (GRC) Scrypt based cryptocoin

24, Jan 2014

gridcoin-scrypt-coin

GridCoin (GRC) is a new peer-to-peer internet based cryptocurrency that aims to provide real benefits to humanity by compensating the coin miners for participating in BOINC projects that may lead to advances in medicine, biology, mathematics, science, climatology, and astrophysics by concentrating a large percentage of the computational power towards BOINC research – instead of generating unnecessary heat and wasted power for the proof of work algorithms required to keep the coin network running.

It is estimated that bitcoin is using approximately 23,312 megawatt hours per day of electric for block solving algorithms. The aim of the gridcoin project is to shift the computational power primarily to Boinc projects while the mining operations become a second priority – so as the network is scaled up, Boinc utilization is scaled up in tandem.

The coin miners will be rewarded with a small token subsidy if they fail to mine Boinc shares, but a much larger subsidy when mining with Boinc. This digital cryptocurrency allows instant peer to peer transactions, worldwide payments and very low processing fees. The source code is open source and allows everyone to take part in the success of the currency.

Gridcoin is based on the Bitcoin protocol but differs from Bitcoin in that it can be efficiently mined with consumer-grade hardware, therefore is not as likely to be replaced by specialized ASIC mining chips in the future. Gridcoin provides faster transaction confirmations (2.5 minutes on average) and uses memory intensive scrypt-based proof-of-work algorithms to verify transactions.

Website
– http://www.gridcoin.us/

Block Explorer / Crawler
Not Available.

SPECIFICATIONS

  • Scrypt Algo
  • Re-target difficulty: 30 minutes
  • 2.5 min block targets, for quick confirmations for merchants.
  • Block reward: VARIABLE:    5 to 150 subsidy.    5 is rewarded if you mine with a miner like cgminer without Boinc running on the machine, 6-150 if you mine with boinc running, you will receive a calculated subsidy based on boinc utilization.
  • Total coins: ~168 million (est.)

DOWNLOADS
– Online Staking Wallet
– Windows

Source Code
– at GitHub

PORTS

  • RPC Port: 9778

POOLS
Not Available.

EXCHANGES
– Txbit
– C-cex

Diamond (DMD) Scrypt based cryptocoin

18, Jan 2014

diamond-scrypt-crypto-coin

Diamond (DMD) is an amazing new digital currency that allows people to send cash anywhere in the world instantly, securely, and at near-zero cost. At the same time, DMD is an untra-scarce store of wealth for people wishing to invest in a non-government controlled, instantly transferable asset with zero storage costs.

Website
– http://bit.diamonds/

Block Explorer / Crawler
– https://chainz.cryptoid.info/dmd/
– http://dmdpool.digsys.bg/bc/

SPECIFICATIONS

  • Groestl Algorithm
  • Proof of work/Proof of stake
  • Each normal block has 1 diamond
  • 1 minute block time
  • 1500 diamonds per day including bonus blocks
  • Difficulty retargets every block
  • Mining will last for 8 years
  • Expected total coins will be 4,380,000 diamonds
  • 3 confirmations for transaction
  • 50 confirmations for minted blocks
  • Low transaction fees.

DOWNLOADS
– Online Staking Wallet
– Wallet
– AMD DMD Miner

Source Code
– at GitHub

PORTS

  • P2P Port: 17771
  • RPC Port: 17772

POOLS
– http://multipool.bit.diamonds/
– http://dmdpool.digsys.bg/
– https://dmd.miningfield.com/
– http://dmd.cryptopools.com/

EXCHANGES
–
– Livecoin

Real world example with Primecoin (XPM) mining

16, Jan 2014

primecoin-xpm-earnings

We already talked a bit about the Primecoin (XPM) alternative cryptocurrency and have mentioned that it has good potential for growth, so it might be a good idea to mine some XPM now and keep them with the idea that the exchange rate will increase along with the interest in this crypto currency over time. At the moment Primecoins can only be mined with the CPU of a computer, so you can combine Primecoin mining on the CPU with Litecoin mining on the GPU on the same system and make some extra profit from that if you are already mining LTCs on one or more computers. You can of course mine XPM on pretty much any computer, but the more powerful the processor is the better and the same goes for the number of cores, the more – the better.

We’ve decided to give it a go with two systems using different processor for 24 hour time period in order to see what profit we are going to make. Both of the systems are mining Litecoin on the GPU, but that does not interfere as long as you set the cgminer processor affinity to just a single core if using Windows. We have decided to use one of the biggest Primecoin pools for the test – ypool, though the pool also offers other alternative cryptocurrency mining options.

The two CPUs we’ve used for mining are:
– Intel Core i5 2500K Quad Core 3.3 GHz
– AMD Phenom II X6 1100T Six Core 3.3 GHz

The pool we used for XPM mining is ypool:
– 3% fee
– 1000 confirmations per block

The total earnings for 24 hour period (confirmed + unconfirmed):
– 0.3565483 XPM

The value of the Primecoin mined for 24 hours is as follows:
– 0.04838065 LTC
– 0.00139265 BTC
– ~1.15 USD

A little over $1 USD per day does not seem that much of a profit for the moment, but that is only if you sell the Primecoins now, the wise idea however would be to mine now and save the coins for later, expecting to the exchange rate to go sky high. Anyway, it is up to you to to decide if you want to mine and sell now or mine and save the coins for later.


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