Since Satoshi Nakamoto introduced Bitcoin (BTC), the crypto industry has embraced many other valuable and top-notch decentralized projects. Digibyte (DGB) stands firmly among distributed ledgers that manage to take the best of Bitcoin and add new solutions to the end product.
Changelly tries to provide comprehensive crypto basics for a better understanding of the crypto and blockchain industries. We are going to observe the DigiByte (DGB) mining. How to set up a Digibyte mining rig? What is Digibyte mining software? What is Digibyte mining hardware? Let’s cover them all.
How to Mine Cryptocurrency: BasicsDigiByte (DGB) Basics
Digibyte (DGB) cryptocurrency project was introduced in 2013 with a great idea behind it: to create an ultra-secure blockchain and provide miners with a fair and independent mining environment. The first (genesis) Digibyte block was mined at the beginning of 2014, and since then, the new blockchain has been introducing multiple revolutionary solutions. Digibyte was one of the first decentralized projects to implement SegWit technology (which later led to well-known Bitcoin forks) for faster transaction throughput.
Speaking about DigiByte (DGB) benefits over BTC, the former is capable of processing over 1066 transactions per second, while the confirmation takes around 15 seconds, which is 40 times faster than in the Bitcoin network.
Digibyte is a mineable coin that uses the Proof-of-Work (PoW) protocol to gain consensus between nodes. What differs DGB from other PoW crypto assets is that Digibyte utilizes five different hashing algorithms, including Sha256, Scrypt, Skein, Qubit, and Odocrypt. Such a variety of mining methods aim to provide a wide choice of mining types (e.g., ASIC mining, GPU mining, and CPU mining). Eventually, this fact is going to attract many users with different Digibyte mining rigs, thereby enabling the true decentralization within the network.