Join over 94,000 students, learn all you need to know about Bitcoin. One Email a Day, 7 Days in a Row. Myriadcoin is a rather unique currency that was released in February 2014. Unlike most digital currencies, such bitcoin mining algorithm explained that Bitcoin, Dogecoin, or Litecoin, Myriadcoin does not use a single hashing algorithm.
The 5 algorithms are: Scrypt, SHA256, Qubit, Skein, and Groestl. Each algorithm has a target of 2. 5 minutes, and has it’s own difficulty. That means that no matter how much the hashing rate rises for a single algorithm, the rate at which coins are produced by that algorithm remains the same. Does Multi-Algo Myriadcoin Mining Provide Unique Benefits? SHA256-based coins with a large number of ASICs, as Bitcoin’s mining hashrate, and difficulty, is so high that it is not an easy target. The logistics, and cost, of obtaining, organizing, and maintaining such a varied group of mining machines in order to perform an attack such as this makes it very unlikely.
I highly doubt there is any group with the capability to effectively pull this off. Beyond that, the cost would make it prohibitively expensive, with no chance of using such an attack to profit in any way. What About Merged Mining With One of Myriadcoin’s Algorithms? That has recently been discussed by the developers of Myriadcoin, and it seems to be in the works at the moment. Are There Any Other Important Details About Myriadcoin? Myriadcoin had no premine, has a block reward of 1000 MYR, and it’s maximum possible coin supply is 2 billion. The coin has had ups and downs in it’s value, but the unique technological aspects of this currency make it quite valuable in my personal opinion.