//It’s time we destroy the ASIC industry together

It’s time we destroy the ASIC industry together

ASICs have destroyed Cryptocurrency. Bitmain owns near +35% of Bitcoin’s hashpower. That hash power is literal ownership of the bitcoin network. You’re telling me that future decentralised currency of the world is 1/3 owned by a single company. Centralised Proof-Of-Work sucks and so far people have done little to stop it.It’s time to take a stand to this crap. If you don’t support fair mining, you support monopoly. If you support monopoly, you’re no better than the banks.But first, let’s discuss and start from the beginning:  What is an ASIC?Application-Specific Integrated Circuit.A piece of hardware made for one specific usage. For cryptocurrencies, it is usually a miner made for a specific coin.This machine is useless outside its specific baked in algorithm.What is Bitmain?Private company founded in 2013 by Jihan Wu.Bitmain was created to help develop an ASIC for Bitcoin.What is wrong with ASICs?Financial entry bar is high.Mining is no longer profitable for non-ASIC miners, meaning you need to be permissioned by JiHan and Co to have any ownership in the system whatsoever, not to mention the ROI is a turd, and they’ve usually been pre-used.They’re useless outside their scope, i.e.: if algorithms needed be changed in the future for security reasons all ASICs in the world become useless shitboxes overnight.Think i’m joking? You’re up against this ▽▽▽▽What Bitmain’s Litecoin mining factory looks likeHere’s a list of the coins that support centralised Proof-Of-Work:AsicHash FunctionCoins that use the hash functionAntminer S9SHA-256BitcoinAntminer T9+SHA-256Bitcoin CashAntminer L3+ScryptLitecoinAntminer A3Blake (2b)SiacoinAntminer D3X11DashJoin The Movement: #FairMiningVertcoin is committed to ASIC resistance and fair mining. One of the major points (if not, the whole point) in the creation of cryptocurrencies is to not have a central point of failure. Increased centralization increases the chances of network failure.We support Monero in their fight against the Antminer X3 and their fork happening in April. With the rumors of an ASIC being created for Ethereum, we urge Ethereum to continue with their vision they set out in their whitepaper to stymie ASICs.We urge all coins, not just the ones without ASICs, to join the fight against ASICs and Bitmain!You’re either with us, or you support them!#FairMiningFor more information visit our Medium article

ASICs have destroyed Cryptocurrency. Bitmain owns near +35% of Bitcoin’s hashpower. That hash power is literal ownership of the bitcoin network. You’re telling me that future decentralised currency of the world is 1/3 owned by a single company. Centralised Proof-Of-Work sucks and so far people have done little to stop it.

It's time to take a stand to this crap. If you don't support fair mining, you support monopoly. If you support monopoly, you're no better than the banks.

But first, let’s discuss and start from the beginning:  

What is an ASIC?

  • Application-Specific Integrated Circuit.
  • A piece of hardware made for one specific usage. For cryptocurrencies, it is usually a miner made for a specific coin.
  • This machine is useless outside its specific baked in algorithm.

What is Bitmain?

  • Private company founded in 2013 by Jihan Wu.
  • Bitmain was created to help develop an ASIC for Bitcoin.

What is wrong with ASICs?

  • Financial entry bar is high.
  • Mining is no longer profitable for non-ASIC miners, meaning you need to be permissioned by JiHan and Co to have any ownership in the system whatsoever, not to mention the ROI is a turd, and they've usually been pre-used.
  • They're useless outside their scope, i.e.: if algorithms needed be changed in the future for security reasons all ASICs in the world become useless shitboxes overnight.

Think i'm joking? You're up against this ▽▽▽▽

What Bitmain's Litecoin mining factory looks like

Here's a list of the coins that support centralised Proof-Of-Work:

AsicHash FunctionCoins that use the hash function
Antminer S9SHA-256Bitcoin
Antminer T9+SHA-256Bitcoin Cash
Antminer L3+ScryptLitecoin
Antminer A3Blake (2b)Siacoin
Antminer D3X11Dash

Join The Movement: #FairMining

Vertcoin is committed to ASIC resistance and fair mining. One of the major points (if not, the whole point) in the creation of cryptocurrencies is to not have a central point of failure. Increased centralization increases the chances of network failure.

We support Monero in their fight against the Antminer X3 and their fork happening in April. With the rumors of an ASIC being created for Ethereum, we urge Ethereum to continue with their vision they set out in their whitepaper to stymie ASICs.

We urge all coins, not just the ones without ASICs, to join the fight against ASICs and Bitmain!

You're either with us, or you support them!

#FairMining

For more information visit our Medium article