On 7th June, as a part of Zcash’s official commitment made towards ASIC [Application specific integrated circuits] resistance debate, Zcash Foundation has asked University of Luxembourg researcher Alex Biryukov and Daniel Feher to investigate the presence of ASIC miners in the Zcash and Equihash ecosystems.
On May 8th, 2018 Zcash on their blog [the commitment towards ASIC] said,
“The ASIC resistance question has taken on new urgency now that Bitmain has announced the availability of the AntMiner Z9 mini, an Equihash-focused ASIC that seems tailor-made for Zcash, shipping in late June.”
This explains the need for Zcash to adopt ASIC. This decision was considered after collecting their community feedback and also because they are to believe that the new ASICs are more advanced than they thought and that it can handle different parameters of Equihash.
What is ASIC miner?
Earlier, mining cryptocurrencies was easy, and everybody could do it on their home computers. However, today one needs to have a piece of hardware known as an ASIC miner. Application specific integrated circuits [ASIC] are chips which are designed for a purpose, ranging from audio processing to managing a cellphone call.
Every cryptocurrency has its own cryptographic algorithm and ASIC miners use these algorithms to mine specific currencies. Bitmain is one of the biggest ASIC supplier companies in the world
Equihash was developed by University of Luxembourg’s interdisciplinary Center for security, reliability, and trust. It is a memory-oriented Proof-of-work algorithm. Zcash chose Equihash for ASIC properties, making the network more accessible to small miners who are valuable for providing a market balance to other miners with significantly more capabilities.
Commenting on this the researchers said:
“In the short period of time of this study (2 weeks) we could put an upper bound on the ASIC/FPGA potential presence in Equihash mining ecosystem as of end of May 2018 at 20 – 30% of total mining operations. Most of the mining power (95%) is concentrated in pools so any large hidden ASIC/FPGA operation should be present in one or several of the pools, moreover four pools concentrate 87.5% of the total mining power.”
They further added:
“It is important to note that our current methods can be ‘fooled’ by careful ASIC miner and the methods are also not fine-grained enough to detect ASIC miner testing of few % of the total hash-rate. This is a work for further research.”
Rajer Fedz, a crypto enthusiast, and a Twitter user commented:
“If they are smart enough to make ASICs for Equihash, they are smart enough to work around this. The goal was not ASICs, the goal was ASICs with Stealth Mining.”
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Tether’s [USDT] market capitalization hits all-time high, Facebook in talks with Winklevoss twins, trading firms over new cryptocurrency and more
Crypto News – 25 May – Tether’s [USDT] market capitalization hits all-time high, Facebook in talks with Winklevoss twins, trading firms over new cryptocurrency and more
— AMBCrypto (@CryptoAmb) 25 May 2019
Daily Crypto News – May 25
1) Bitcoin Wallet receives part of 5,000 BTC: A recent Whale Alert highlighted a transaction on May 24, where a large sum of Bitcoin [BTC] exchanged hands between two anonymous wallets. According to the alert the transaction took place at 22:13:23 + 1 minutes and 5,000.00001092 BTC was transferred from an unknown wallet, with address 19SiCYaYKZh9A8HUjuh14eg5wtYzKxiFbB, to another unknown wallet with address 14GcjGjxwadzcpmq9EG3KUgTKATjurbnWt.
Read more at https://bit.ly/2VRQwb0
2) Bitwise Report 2.0: Bitcoin [BTC] futures continues growth: On a month-on-month basis, Bitcoin Futures saw a massive bump in April trading at an average of 10,000 contracts daily, peaking on April 4, with over 22,000 contracts traded. To put that number in perspective, in March 2019, the average contracts traded was less than 4,000. Despite the high standards set in April, the average daily contracts traded in May, with 25 days gone has exceeded 14,000 and still looks to grow, given the price performance of Bitcoin.
Read more at https://bit.ly/2W40sTR
3) Craig Wright on private keys: Craig S Wright has, for years, claimed he is the true creator of Bitcoin [BTC] without providing a shred of evidence to support the same. With the crypto-community levelling, Wright could prove his worth by sending BTC from Satoshi Nakamoto’s touted wallet containing around 980,000 BTCs, the BSV man in a twisted cause and effect situation, stated he will “sign” into his wallet only when he proves he is the creator.
Read more at https://bit.ly/2X6fdlw
4) Tether’s [USDT] market cap hits ATH: Tether and Bitfinex are being closely scrutinized now more than ever due to the NYAG’s lawsuit; however, the scrutiny doesn’t seem to have affected Tether as the market cap of USDT has increased by over $100 million in approximately 70 days.
Read more at https://bit.ly/2McaTjE
5) Tether volume shift: Another controversial topic in the cryptocurrency industry was the issue of fake transaction volumes on many of the popular cryptocurrency exchanges. The magnitude of the topic was so large that even Changpeng Zhao, the Chief Executive Officer [CEO] of Binance had raised red flags. This topic and Tether as a whole received another twist when Larry Cermack, the Director of Research at The Block, pointed out a few parameters when it came to the said volume.
Read more at https://bit.ly/2wmk4mJ
6) Bitfinex’s LEO tokens listed on Delta Exchange: Bitfinex’s Leo tokens faced quite a lot of criticism when they were announced, due to the missing $850 million funds from Bitfinex. The private investment round by Bitfinex also faced a lot of heat from the media. However, in a recent development, Leo tokens are being listed on various exchanges for trading.
Read more at https://bit.ly/2HUEnNB
7) Robinhood en-route a projected valuation of $7 billion: Robinhood, the California-based cryptocurrency exchange made headlines recently when a source close to the organization revealed that it was on the verge of closing their latest round of funding at a valuation of a whopping $7 billion – $8 billion. Sources even claimed that the current round of funding could act as a precursor to an even bigger round of funding, which would pit Robinhood with the bigwigs like Coinbase and Binance.
Read more at https://bit.ly/2W64KKj
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