NiceHash has recently announced that they have implemented the X16R Algorithm to their hashrate marketplace. NiceHash is a Slovenian cryptocurrency cloud mining marketplace. Unlike a mining company like Genesis Mining that owns a mining farm, NiceHash connects buyers with small miners (like you and me).
The X16R algorithm is an innovation that is resistant to ASICs. It is comprised of sixteen hashing algorithms on a randomized chain – the algorithm that comes next is randomized, making it impossible to create an ASIC for mining it. Or that’s in theory, at least. The coins that are based on X16R are Ravencoin (RVN) and Motion (XMN).
New release features and bug fixes
- Updated excavator to v1.5.6a
- Added algorithm X16R for NVIDIA cards
- Optimized Lyra2Z algorithm for NVIDIA cards
- Added button to enable excavator logging
- Updated xmr-stak to 2.4.5
- Various bug fixes and improvements
Ravencoin is an open source project that enables instant payments to anyone around the globe. It’s optimized to transfer assets from one holder to another. One of the selling points is that the project is developed by the community. There has been no pre-mine or ICO. An active community and a fair start makes the coin quite popular.
Motion is a coin with smart contracts and a masternode system that protects it against sybil attacks. With a market cap on one billion USD, it is getting more attention lately.
MSI GTX 1080 Ti 3x GPU Mining Rig
Based in Slovenia, NiceHash started as a community-founded project. Thanks to the innovative idea and decent execution, NiceHash has soon become a leader in their niche.
In December 2017, a team of hackers has breached the defenses of NiceHash and stole a sum of Bitcoins worth $ 63 M USD from the company’s customers. Since then, NiceHash has increased the security levels and is reimbursing their customers.
X16R might be an interesting algorithm to buy hashrate for. The absence of ASICs, makes the network hashrate quite stable for this algo, making it slightly easier to predict your earnings in the long run. In theory, there should not be any difficulty bombs for the X16R anytime soon, which is why your returns on investment mostly depend on the market price of the mined coins.
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Disclaimer: This is not financial advise, I am not a financial advisor, this is for educational purposes only. If you want to invest in cryptocurrency please do your own research and invest at your own risk, 1stMiningRig is never liable for any decisions you make. 1stMiningRig may receive donations or sponsorships in association with certain content creation. 1stMiningRig may receive compensation when affiliate/referral links are used.