It’s highly possible that the reward halving for bitcoin and Litecoin mining will be mitigated by merged mining.
A recent report by Binance Research, attempted to analyze the potential of merged mining. The aim is to see if incentives for crypto miners can be retained.
Merged mining uses the completed work for the parent blockchain on smaller, child blockchains. This is done via the implementation of the auxiliary proof-of-work (AuxPoW).
Interestingly enough, this is still, a relatively new concept. As of today, there have only been 3 examples of merged mining:
More than $30 Million in Crypto Stolen from Bit Point
Friday July 12, 2019
It’s happened again, folks. Another hacking is in the books, and this time, the victims are the customers of a cryptocurrency exchange called Bit Point in Japan. Bit Point Has Been Hit Hard It is reported that roughly $32 million in crypto funds were stolen from the company’s hot wallet storage, most of which were […]
The post More than $30 Million in Crypto Stolen from Bit Point appeared first on 12bit trade.
The bitcoin blockchain-parented Namecoin (NMC)
The Litecoin-merged Dogecoin (DOGE)
The dual-merged with LTC AND BTC, Myriadcoin (XMY)
Leaders of the Alliance and the Horde in the new short film World of Warcraft
Friday November 02, 2018
During Blizzcon 2018, a new short film from World of Warcraft: Battle for Azeroth called “Disgrace.” It demonstrates the dialogue of the leader Horde Saurfang with King Anduin. Varok Saurfang is imprisoned in Stormwind, in the heart of the Alliance. And not only a face-to-face conversation with King Anduin Wrynn awaits him, but also a
The post Leaders of the Alliance and the Horde in the new short film World of Warcraft appeared first on W88.
The report states that merged mining has the potential to increase mining rewards in the near future. This mainly concerns the soon-to-happen Bitcoin and Litecoin halving.
Many other smaller chains could potentially switch to AuxPoW to support higher network security. This will also almost entirely eliminate the need for separate mining sets.
Merged mining has very clear pros and cons
Binance Research also laid out all the potential shortcomings of merged mining for both miners and project teams.
The biggest issue for miners, is that they would probably not be incentivized to support child blockchains. This is mainly due to the large amount of operation costs and a potential price decline for the coin in question.
A project team developing a PoW crypto-asset, can become overly dependent on the parent blockchain. This also means that new potential attack vectors have to be considered.
The most successful example of merged mining so far is considered to be Dogecoin. Dogecoin has been operational for 6 years and adopted the merged mining model way back in August 2014.
The result was a 1500% increase in mining hash rate that also showed correlation with Litecoin’s hash rate. Data from the report suggests, that as much as 90% of Dogecoin’s total has rate comes from large Litecoin mining pools.
You can also check out:
Bill Belichick Offers Typical Answer To Question About Dominance Vs. Steelers
Friday December 14, 2018
Bill Belichick might as well add Mayor of Pittburgh to his illustrious résumé. During his time as head coach of the New England Patriots, Belichick has won 11 of 14 games against the Steelers and is 7-2 against current Pittsburgh head coach Mike Tomlin. The Patriots visit the Steelers on Sunday, looking to bounce back […]
The post Bill Belichick Offers Typical Answer To Question About Dominance Vs. Steelers appeared first on 12bet - Bet365.
Currency Manipulation Accusations by Trump: New Price Surge Possible
Electricity Consumption of the Bitcoin Network Shows Interesting Facts
Mining Profits Up 24% in the Last Month for Argo Blockchain: What’s Next
The post Merged Mining: Binance Research Reveals Exciting Concepts appeared first on CoinStaker | Bitcoin News.