Sentences with phrase «by scrypt»

A new generation of GPU mining was spawned by scrypt - based mining, and that new generation still exists today.

Not exact matches

Scrypt is therefore said to be a more democratic means of mining than SHA - 256, as the «average joe» can start mining LTC by purchasing cost - effective memory cards (as opposed to cost - restrictive ASICs).

Litecoin's original design was intended to prevent GPU mining and did so by using the memory intensive Scrypt hashing algorithm as opposed to the SHA - 256 algorithm used by Bitcoin.

However, rather than using the traditional SHA — 256, this coin leverages a traditional mining system that is based on the scrypt algorithm — the same one that is used by litecoins.

Scrypt (which is used by altcoins like litecoin), was designed to be more friendly to CPUs (and unfriendly to ASIC miners), so that a core elite of powerful ASIC users didn't get an unfair advantage.

Scrypt is a type of mining algorithm used by major cryptocurrencies such as Litecoin and Novacoin.

From a technical perspective, DigiByte has a highly advanced system in which miners can use any of five different mining algorithms including the popular SHA - 256 and Scrypt, which are the algorithms used by Bitcoin and Litecoin respectively among others.

Litecoin (LTC), the open - source blockchain based cryptocurrency was launched in the cryptocurrency market in 2011 by its founder Charlie Lee and the rest of the development team.It uses the Scrypt algorithm.

Mining is performed by proof - of - work using the scrypt hashing function.

So far in 2017, cryptocurrency miners have taken over the market for consumer graphics processing units (GPUs), using the devices to solve the cryptographic puzzles required by ethereum (and other «scrypt» - based cryptocurrency protocols) and claim their lucrative rewards.