Exploring Equihash: Key Features and Mining Principles Explained

Any cryptocurrency developer likely considers ASIC resistance as one of their top priorities when creating a new digital currency. These specialized mining devices pose a considerable risk to both the decentralization and security of P2P networks. In this text, we'll examine the Equihash mining algorithm, which employs enhanced memory requirements to combat specialized mining hardware.

KEY CHARACTERISTICS

Similar to most new algorithms, Equihash was designed to restore balance to cryptocurrency mining. Its primary purpose is to make mining more accessible to regular users. To achieve this goal, the creators made Equihash demanding not just in terms of processing power but also memory usage. Mining coins based on Equihash requires graphics cards with at least 2GB of memory.

The cryptographic principle underlying Equihash is based on the birthday paradox. This paradox states that in a group of 23 people, there's a 50% chance that two people share a birthday. This probability increases to 99% in groups of 60 or more people. While this might seem counterintuitive, it's mathematically proven.

This concept was used by D. Khovratovich and A. Biryukov to develop their algorithm. In their system, the probability of miners finding a suitable hash equals 2 raised to the power of N, divided by 2.

CRYPTOCURRENCIES USING EQUIHASH

Currently, numerous cryptocurrencies utilize the Equihash algorithm. ZCash was the first to implement it, with its team stating that the algorithm helps create a more balanced ecosystem with greater user equality.

Other notable cryptocurrencies using Equihash include:

• ZenCash
• Bitcoin Gold
• ZClassic
• Komodo
• Hush

While many other cryptocurrencies use Equihash, we'll focus on these main ones. A complete list of Equihash-based cryptocurrencies can be found online.

MINING WITH EQUIHASH

As previously noted, Equihash requires more memory than most other mining algorithms. Therefore, mining rigs must use graphics cards with at least 2GB of memory for effective mining operations.

Users generally report better mining performance with NVIDIA cards due to their technical specifications. The mining setup process follows standard procedures: download mining software, connect to a pool, configure settings, and begin mining.

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