It’s good to know which algorithm is profitable or fits best to mine. In my opinion, coins based on X11 algorithm can be profitable if the price of DASH increases which will affect other coins.
What is X11 Algorithm?
- X11 Algorithm involves 11 algorithm proof-of-work hashing function which was developed by Evan Duffield to create Darkcoin which was later named as DASH. The algorithm was created as an ASIC resistant but later on, Bitmain had cracked its formula.
All 11 algorithms used by X11 are,
- BLUE MIDNIGHT WISH (BMW)
Read – How X11 algorithm works?
Best X11 Algorithm-based Coins
Price of the coins also based on pros and cons of the algorithm used by them. Pros and cons of the X11 algorithm are,
- Security – For security purpose, X11 algorithm comprises of 11 algorithms ranging from Blake algorithm to the Keccak algorithm. These coins are much more secure than Bitcoin which uses SHA-256 algorithm.
- Efficient- This algorithm to provide hash speed at rapid for both GPU and CPU. It also keeps mining hardware 30% cooler as compared to the other algorithms.
X11 Algorithm was designed as an ASIC-resistant algorithm but it is no longer ASIC resistant. The result is competition and now CPU and GPU are inefficient to mine X11 algorithm coins.
In my opinion, if you have made a decision to purchase an ASIC miner for mining X11 coins then you should go for it. You can also compare Equihash and X11 algorithm before taking any action. If you are curious to know about returns on mining then you should first go for mining with CPU or GPU.
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