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What is the Equihash Algorithm? & Top Equihash Coins to mine

March 14, 2024

Quick Summary

Equihash was developed and introduced back in 2016. The intention behind the creation of this mining algorithm was to rectify some of the drawbacks of previous proof-of-work algorithms. As a result, it has emerged as the preferred mining algorithm for a number of renowned cryptocurrencies.

We will understand the Equihash mining algorithm in-depth and go over its advantages, working and minable coins for ZCash investors and miners in this blog. Let’s get started!

Table of Contents

    Equihash Explained

    The generalized birthday problem is the foundation of the asymmetric memory-oriented proof-of-work mining algorithm known as Equihash, which is used in computer science and cryptography. It makes it possible for miners to mine cryptocurrency using a regular PC.

    Scientists created it to shorten the amount of time needed to complete the mining process. Because it enables regular users to divide the workload by primarily figuring out how much proof-of-work mining to do on smaller operational systems. It connects the conventional SHA256 mining with numerous advantages, using Zcash as the perfect example of how to apply Equihash.

    Key Features of Equihash

    • This algorithm aims to prevent mining from becoming too centralized. The relatively low efficiency of ASIC miners for Equihash indicates that, despite the existence of miners, mining Equihash is a complex process.
    • It provides a small resolution, yet difficult cryptographic test to construct. This contributes to the network’s overall scalability by preventing the traffic from massive cryptographic tests from overwhelming the system.
    • Large memory requirements for the test which indicates that mining with CPU, GPU, and ASIC is always expensive, even with optimizations.
    • It is very flexible and is capable of supporting future structural and algorithmic advancements.

    Working of Equihash Algorithm

    To create an asymmetric blockchain, Equihash developers had to identify a well-researched (to guard the network against novel solutions that algo developers overlooked) and computationally demanding challenge. This issue was discovered in the probability theory generalized birthday problem. Biryukov and Khovratovich used an algorithm created by University of California, Berkeley’s David Wagner for his birthday problem solving.

    This algorithm causes the time complexity to increase with every strain removed from memory compression. This indicates that the total amount of RAM used in mining has a significant impact on its efficiency. Similar working cryptocurrencies are frequently referred to as memory-hard or memory-oriented cryptocurrencies. It implies that the miner’s RAM capacity has a major role in determining mining efficiency.

    Wagner’s algorithm was altered, though, because its original form permitted the creation of several solutions to the issue. Due to the fact that the network can accept all of these solutions, miners with large RAM can mine too easily. The technique known as algorithm binding was implemented for Equihash in an update. The problem is modified by algorithm binding so that, on average, no more than two nearly distinctive solutions are produced.

    Compatibility of ASIC with Equihash

    When mining with Equihash on a robust machine with a sizable amount of RAM, efficiency is very high. Equihash is mineable on a CPU in an effective manner. However, if we use a GPU and it has sufficient memory to hold all of the DAG that Equihash generates for mining, we can achieve even better results.

    However, being a traditional form of mining, these methods of mining were discarded, just when ASICs were created to finally mine the coins using the Equihash algorithm. The results the miners received were so good that it surpassed the GPUs or CPUs, since then ASIC miners have occupied the place and continue to stay dominant in the industry for mining Equihash more efficiently.

    One of the renowned brands, Bitmain eventually succeeded in developing a mining ASIC for Equihash, overcoming the algorithm’s resistance to ASICs. When the manufacturer launched its first ASIC miner for Equihash in 2018, this took place. Actually, there is a wide variety of ASIC miners available today for Equihash, with producers like Bitmain among them.

    Advantages of Equihash Algorithm

    Here are a few advantages of Equihash algorithm:

    • RAM (memory) availability enables Equihash to distribute performance equitably based on RAM capacity.
    • Since the owners of ASIC do not profit from relatively equal mining conditions, Equihash structured the general birthday problem to encourage much more decentralized mining.
    • Equihash is a proof of work algorithm that solely depends on memory since it is resistant to ASICs. As a result, mining depends on the memory capacity of the necessary hardware.
    • Because Equihash is more effective and highly optimized, miners can use standard PCs with more RAM to mine.
    • The memory-hardness of Equihash can strengthen the algorithm’s defence against 51% attacks. Attackers are going to need to gain authority over a lot of memory in order to control most of the network’s mining capacity because the algorithm calls for a lot of memory to solve.
    • Equihash’s efficiency of energy is another benefit. Compared to other proof-of-work algorithms, the algorithm requires less energy to solve because it is memory-hard. This can make mining cryptocurrencies based on the Equihash algorithm more efficient and friendly to the environment.

    Top Equihash Coins to mine

    A list of Equihash employed coins to mine includes Zcash, Komodo, ZClassic, Hush, and Zero.

    Top Equihash Coins to mine

    Mining Process For Equihash employed coins

    Equihash mining is a completely simple and straightforward process, but it does require a specialized mining hardware, ASICs are the best when mining Equihash in today’s era.

    • To begin mining a crypto with Equihash, you must first acquire the required hardware. Since Equihash is a memory-hard algorithm, ASIC serves the purpose of memory as well as efficiency.
    • Once done, Installing the mining software comes next after you’ve acquired the required hardware. You must set up the mining program to mine the coin using the Equihash algorithm after installing it. You will be required to fill in the basic data, like miner’s name, wallet address, and mining pool URL.
    • To optimize your mining rewards, it is crucial to select a reliable mining pool with a low fee and a high hashrate. It helps you mine the coins efficiently and faster as the purpose of the miners who have joined the pool is the same.
    • To maximize your rewards and optimize your hashrate, it’s critical to keep an eye on your mining performance and make any necessary adjustments to your settings. When maximizing your mining performance, you should take into account the hashrate, temperature conditions and power consumption of your ASIC miner.

    Check out the latest Equihash Miners

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    Conclusion

    Equihash is a distinctive and cutting-edge proof-of-work algorithm that has a number of advantages over other mining algorithms. For cryptocurrency creators and users who appreciate decentralization and privacy, its resistance to ASIC mining, energy savings, and safety functions make it a desirable choice. Long-term success can be optimized by miners and investors who have a thorough understanding of Equihash and its place in the cryptocurrency ecosystem.

    FAQs on What is the Equihash Algorithm?

    • Which consensus method does the Equihash mining algorithm use?

      Equihash uses the proof-of-work consensus algorithm.

    • Which are the top Equihash coins to mine?

      Zcash(Zec), Komodo(Kmd), Hush(HUSH), ZClassic(Zcl) and Zero(Zer) are a few Equihash coins to mine.

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