What is a SCRYPT Miner – Blockchain FAQs Explained
In this short section, we will explain what is a SCRYPT miner and indicate its main differences to other mining hardware.
What is a SCRYPT miner?
A SCRYPT miner is specialized hardware that is specifically used to mine coins encoded with the Scrypt algorithm.
It solves mathematical problems on a supported blockchain, in order to discover the next transaction block, and get rewards for the effort provided.
Similar to Bitcoin’s SHA-256, SCRYPT is an alternative Proof of Work algorithm. The first cryptocurrency to use SCRYPT was Litecoin, in 2011.
It is less complex than SHA-256 but requires much more memory from the miner for efficient problem-solving.
What is the difference between SCRYPT and ASIC miners?
Although both miners work to solve PoW algorithms, they operate differently:
- ASIC miners use the SHA-256 algorithm which favors systems that have the strongest processing power during the mining process.
- SCRYPT miners use the scrypt mining algorithm which favors systems with the largest amount of RAM for mining.
So, ASIC miners have a lot more processing power, whereas Scrypt miners have a lot more RAM.
What cryptocurrencies can you mine with SCRYPT miner?
Here are some of the most popular coins that use SCRYPT:
- Litecoin – the first altcoin, aims to be a faster and cheaper Bitcoin.
- Dogecoin – a coin that originated from the Doge meme, it gained traction thanks to its low price and fast transactions.
- ViaCoin – integrates many innovative key technologies such as SegWit, APoW, Lightning Network, etc.
- GameCredits – gaming coin that offers a blockchain for gaming communities – It is redeemable for e-sports rewards.
Disclaimer: Don’t invest unless you’re prepared to lose all the money you invest. This is a high‑risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more at: https://go.payb.is/FCA-Info