Nine years ago, Litecoin founder Charlie Lee proposed a combined mining of Dogecoin and Litecoin. This proposal saved Dogecoin, a worthless cryptocurrency with low adoption and susceptible to security attacks.
At that time, the developers of Dogecoin decided that the auxiliary proof-of-work mechanism (AuxPoW) to accept, which seems to have been one of the network’s best decisions. With “confirmation” Litecoin and hashing power from the network LTC through AuxPoW It has been achieved, Dogecoin has been able to improve its security performance. nowadays, DOGE It has become one of the top ten cryptocurrencies by capital market.
From the perspective of miners, the most important advantage of combined mining is the increase in income Extraction Is. With hybrid mining, a miner’s hashing power is used to solve Litecoin and Dogecoin math problems, enabling them to mine simultaneously. LTC And DOGE got the
A common confusion is that hybrid mining is similar to mining two cryptocurrencies at the same time, but the two are completely different. For example, cryptocurrencies such as KAS , ETC And ETF that from extraction with GPU support and have similar algorithms and can be mined simultaneously. In such cases, miners can mine two or even three cryptocurrencies at the same time, but the total hashing power used to mine each cryptocurrency is proportionally reduced. In other words, the hashing power of the mining machine is divided into several smaller shares, which increases the power consumption.
On the other hand, hybrid mining enables the simultaneous mining of two or more cryptocurrencies without reducing the hashing power of each of the target cryptocurrencies. Basically, with hybrid mining, miners can use AuxPoW Extract blocks with the same hashing power on multiple chains. However, the results computed on one chain are put into other chains, and the hashing power used to mine on each chain remains the same, without consuming more power.
Due to the obvious advantages, more and more solo miners are joining hybrid mining. For example, let’s go to the device ANTMINER L7 Let’s take a look and the difference in income between Sol extraction and see a compilation.
According to the data available in ViaWallet Exploreruntil May 5 2023Hashrit $LTC$ 754.44 It is designed in seconds and hashrit DOGE$ 659.95 It is drawn in seconds. On the same day, mining income $LTC$ About 7,305.603 the unit $LTC$ and mining income $DOGE$ About 13,613,238,952 the unit $DOGE$ Is.
Here, the model 9.5GH/s with electricity consumption 3425W Used.
Considering the $LTC=$87.87 dollars and $DOGE=0.07861$ Dollars, daily income ANTMINER L7 In Solo extraction, it is calculated as follows: 9.5/754440 * 7,305.603 ≈ 0.091993 LTC = 8.083 Dollar.
In combined mining, miners’ income increases, and that’s why most miners use this method of mining. By example ANTMINER L7 We will examine the difference between the income of combined mining and solo mining.
Based on the data ViaWallet Exploreron May 5 2023Litecoin hashrate 754.44 Draft in seconds and hashrate of Dogecoin 659.95 It was designed in seconds. On the same day, Litecoin mining revenue was approx 7305.603 LTC And Dogecoin mining income is approx 13613238.952 DOGE Was.
Here is the normal model with hashrate 9.5GH/s and electricity consumption 3425 Watts used.
Given that $LTC=$87.87 And $DOGE=$0.07861daily income ANTMINER L7 In single mining it is equal to: 9.5/754,440 x 7,305.603 ≈ 0.091993 LTC = $8.083
daily income ANTMINER L7 In combined mining, it is as follows:
(Income LTC) 9.5/754,440 x 7,305.603 ≈ 0.091993 LTC
(Additional income DOGE) 9.5/659,950 x 13,613,238,952 ≈ 195.9629 DOGE
So, real income ANTMINER L7 In combined mining approx $23.487 (0.091993 LTC + 195.9629 DOGE = $8.083 + $15.404) Is.
As we can see, about ANTMINER L7compared to solo mining, combined mining additional income 15.404 It creates the dollar. In addition, with the increase in price DOGE Due to the approval of Elon Musk, cryptocurrency DOGE In the combined extraction of more value from the sector LTC have obtained
By joining a larger number of Extractors to combined extraction, LTC and humanity DOGE are strongly correlated. However, humanity LTC Slightly more than humanity DOGE remains, which indicates that some miners still have to mine the combination LTC And DOGE They are not busy.
Source: BitInfoCharts
Now, with just a few simple steps you can start compound mining LTC And DOGE participate For example, using a payment method PPS+ Or PPLNS At Swimming pool ViaBTC It allows users to extract LTCin combined extraction LTC And DOGE Participate and earn LTC And DOGE It is divided according to the distribution of the participants in mining. At ViaBTCminers can in the section [Assets] On the website or app, check the additional currencies earned from hybrid mining. In addition, the pool ViaBTC It allows miners to withdraw their earnings without any fees or restrictions CoinEx to harvest
about ViaBTC
ViaBTC in may 2016 It was established for more than one million users in more than 130 The country and the region around the world have provided professional, efficient, safe and stable mining services and the total mining value has been more than tens of billions of dollars. This leading and comprehensive mining pool in the world provides mining services for more than ten major cryptocurrencies including BTC, LTC, ETC and so on. With the support of comprehensive and integrated services that include money mining, exchanges and wallets, ViaBTC Committed to providing global users with more support tools, services mining more stable and efficient, and provide a better product experience.
