Monero [XMR] miners use proof-of-work mining to achieve distributed consensus. Proof-of-Work is a protocol and it is an economic measure to hinder mainly Denial of Service attacks, and many other service cases of abuse on a network.
Don & Alex Tapscott, authors of Blockchain Revolution writes:
“The blockchain is an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually of anything that has a value”
Mining is done to create a new block (a group of trustless transactions) on the blockchain and it can be used to:
- Avoid double-spending
- Create new digital currency by rewarding the miners on the previous task
Bitmain Technologies Ltd
Bitmain Technologies Ltd. is a Bitcoin miner and makers of ASIC chips. It is a privately owned company that is headquartered in Beijing, China. Bitmain has recently released ASIC-powered Antminer X3, designed to mine the CryptoNight hashing algorithm used by Monero [XMR]. The units are to be shipped soon and as per emails, the quantity is limited to one per customer and an extra discount for existing customers.
Riccardo Spagni, the project lead at Monero tweeted that their new miner will “NOT WORK” for mining Monero. Monero’s boards alerted buyers to not purchase these units because of a scheduled change in the coin’s Proof-of-Work algorithm. This response from the Monero community has shaken Bitmain’s new venture and as a result, the world’s most efficient Bitcoin-miner had to amend their product description with a notice warning stating the buyers about the change in a few major cryptocurrency algorithms.
One of the many disappointed Reddit users wrote:
“When asked why a doorstopper had the word “miner” in its name, Jihan Wu, the CEO of Bitmain, stated that “The Antminer X3 looks, works and sounds like a cryptocurrency miner….”
Another Reddit user comments on a forum:
“Don’t buy bitmain’s X3….they want to dump their machines on you.”
Even though Bitmain’s X3 miner did not succeed in convincing its invention, it is supposed to continue in the business. This miner is compatible with several other cryptocurrencies such as Bytecoin, Aeon, Dash, and many more. Bitmain is also keeping it strong by promising to ship more units in additional batches this year.
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