Ann VeriBlock (VBK) - POW and POP mining new cryptocurrency
- Created: Thursday, 04 April 2019 04:03
VeriBlock or VBK is a new cryptocurrency, which, after a year of development on March 25, 2019, launched a working version of its own MainNet. Before that, VeriBlock already went through ICO and IEO on the Bittrex exchange, and IEO was completed in just 10 seconds after the start of sales. This indicates a high interest of the crypto community for innovations that Veriblock cryptocurrency carries in its blockchain. In short, besides the traditional mining of POW, the developers of Veriblock Inc propose to use the unique Proof-of-Proof or PoP mining technology, which by using the blockchain of larger networks, for example, Bitcoin, allows you to protect your own network from 51% attacks and double spending, especially in the early stages of development.
Projects that use the Bitcoin network for their own needs are not something new and advanced, because back in 2011, the Namecoin project existed and a bit later in 2013 Mastercoin. The peculiarity of Veriblock is that to maintain the network in working condition, two-stage data verification is used to write to the blockchain. The first, as already mentioned, is Proof-of-Work, i.e. Classic mining using hardware (CPU, GPU, FPGA, Asic) and the second type of mining Proof-of-Proof is completely software, requiring Bitcoin to record the status of its own blockchain in the Bitcoin blockchain.
Veriblock itself can be said to be a demonstration of the work of the technology under the same name, since Veriblock can use any public blockchain to solve problems with the security of its network.
For more information on the mechanism of the blockchain VeriBlock can be found on the company's website.
POW mining cryptocurrency Veriblock
We will analyze the mining of this cryptocurrency in more detail and start with a simple one, i.e. with POW mining.
The mining algorithm Blake2b, which was modified and named VBlake, was taken as the mining algorithm.
Heshrayts video cards on the algorithm Vblake:
Geforce Titan V – 1000MH/s;
Geforce RTX2080Ti – 900-920MH/s;
Geforce GTX1080Ti — 900MH/s;
Geforce GTX 1080 – 650-700MH/s;
Geforce GTX 1070 – 480-500MH/s;
Geforce GTX 1060 6G – 300MH/s;
Geforce GTX 1060 3G – 275MH/s
Radeon RX470/570 — 260-300MH/s;
Radeon RX480/580 – 300-320MH/s;
RadeonR9 290/290X – 260-290MH/s;
Radeon R9 280 – not started
Performance of video cards in mining on other algorithms can be found here Actual hashrate for video cards in 2019.
FPGA Hashaltcoin Blackminer F1 Mini - 1000Mh/s;
FPGA Hashaltcoin Blacminer F1+ - 20.000MH/s
The time of each block in the network is 30 seconds, and the reward for the found block is now 82.5 VBK.
The current hashrate of the network is now 24.4 TH / s, you can see these and other parameters of the blockchain yourself in Explorer Veriblock.
Knowing the network hashrate, block time, block reward and hashrate cards, you can easily calculate the approximate profitability of POW mining VeriBlock.
For a GTX1080ti video card with a 900 MH / s hashrate, we get about 9 VBK coins per day. If you take the price of IEO where VBK was selling at 0.1USD per coin, then the profitability of such mining at the moment can be estimated at 0.9 USD per day from a single GTX1080ti video card, which is slightly lower than the currently popular RVN and GRIN. But it is necessary to take into account the moment that after the appearance of Veriblock in free sale on cryptobirths, the price for this asset can both actively grow and depreciate in comparison with the price for IEO.
Therefore, here everyone evaluates for himself all possible risks associated with the mining of non-tradable cryptocurrency.
If you decided to do POW mining Veriblock, then you need to download the official Node Core application and miner on GitHub to get the cryptocurrency storage address
Available Veriblock mining pools:
M K (Martin Pool);
Setting up a BAT file for mining on LuckyPool with auto-reset every 1800 seconds
start Veriblock.exe -o vbk.luckypool.io:8501 -u ВАШ_кошелек -p x
timeout /t 1800
taskkill /f /im Veriblock.exe
Mining Proof-of-Proof POP cryptocurrency Veriblock
To run POP mining on the Veriblcok network, you only need to install the Node Core application (Windows or Linux)
After starting the executable file, you will need to save the SID phrase to restore the wallet and wait for it to synchronize with the VeriBlock network and download the Bitcoin blockchain headers.
After downloading the data from the Bitcoin network, you will get access to the internal Bitcoin wallet, which must be replenished with BTC to start POP mining.
Read more about POP mining here.
It is rather difficult to calculate the profitability of such mining. depends on the network load, i.e. The miner's POP reward depends on the number of transactions recorded in the Bitcoin blockchain, and you still need to calculate transaction costs in BTC, which are also not constant and depend on the load on the Bitcoin network.