Tag Archives: Peercoin

What is Ecoin Mining

bitcoin-mining-rigMining Bitcoins can be compared to mining minerals like gold, copper silver etc.  The way you mine gold is my digging in the ground, looking for something shiny, then testing to make sure that it is gold.  When you mine Ecoins, your shovel is a computer doing math and your testing kit is all the other computers on the Ecoin peer to peer network.  Instead of digging in the dirt to find something that looks like a Ecoin, your computer tries to solve a difficult math problem.  The math problem that has many correct answers, but not an infinite number of answers.

Since there is a finite number of correct answers to the math problem, as Ecoins are discovered there are less to find.

Mining computers requires a great deal of computing horsepower.  If you do not have a powerful computer and a cost effective power supply, you will not be able to mine Ecoins.  Unfortunately, this describes most of the people living in the world.

An Ecoin is an electronic currency.  It is also referred to as E-currency or crypto currency.  It is pretty much like cash for the Internet. Ecoins come in two types, closed network ecoins and open network ecoins.  Examples of closed network ecoin networks are the types of ecoins used for virtual goods for games or on social networks.  In game currency like Facebook credits and Gold for World of Warcraft are examples of closed network ecoins.  The other major type of ecurrency is open network systems.  Bitcoins and litecoins are two types of peer to peer, open network crypto currencies.  Bitcoin is the grandfather of these types of ecoins.  Litecoin is the up and comer.  There are many other types of Ecoins as well.  Each coin has its own flavor.  The major type are outlined in the chart below.

Coin name Blocks Difficulty Network GH/sec
Anoncoin

99746

14.1994

0.3388

Bitcoin

271217

609,482,679.89

3,635,705.80

Digitalcoin

558493

2.0761

0.1313

Devcoin

115068

213,289,495.25

1,145,009.74

Freicoin

45381

222,837.03

1,927.45

Feathercoin

119314

139.3644

2.7019

I0coin- DORMANT

964360

4,382,937.16

190,860.24

Ixcoin

174022

168,573,279.37

1,206,694.54

Litecoin

465823

1,486.12

52.7472

Namecoin

147504

456,070,389.19

2,584,537.55

Peercoin

81889

9,726,255.71

95,725.32

Terracoin

216946

114,552.10

2,630.82

Worldcoin

812681

10.3822

1.4399

Primecoin

270885

0

0

A chart of active open source ecoins as of Nov 23 2013