Inventory of cryptocurrencies using SHA256 Algorithm: Not just a Bitcoin Game!


In 2008, a mysterious individual claiming to be Satoshi Nakamoto published a groundbreaking paper titled “Bitcoin: A Peer-to-Peer Electronic Cash System.” This paper first introduced the concept of Bitcoin and explained the principle of mining, where participants need to solve a computational problem: finding a hash value that is less than or equal to the target value set by the network. This process involves the SHA-256 hashing of block header information.

he strong encryption capability of the SHA256 algorithm has laid a solid foundation for the security and immutability of Bitcoin. At the same time, the unique advantages of the SHA256 algorithm have also made it a benchmark for the design of many subsequent cryptocurrencies.

For miners, focusing on these cryptocurrencies that use the same algorithm has a benefit: they can mine using universal ASIC Miners. The compatibility of this hardware allows miners to switch between different cryptocurrencies using the same algorithm, providing more flexible mining options and possibilities for strategy adjustment.

This article will inventory cryptocurrencies other than Bitcoin that use the SHA256 algorithm and their respective unique features.

01 Bitcoin Cash(BCH)

The birth of BCH originated from a major disagreement within the Bitcoin community over the issue of network scaling. This disagreement eventually led to Bitcoin undergoing a hard fork on August 1, 2017, resulting in the creation of BCH. BCH retains many of Bitcoin’s fundamental characteristics, including the SHA256 algorithm. However, BCH has made adjustments to the block size, aiming to increase transaction speed and reduce costs, making it more efficient in handling a large number of small transactions.

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Other information

Official Project Website: https://bch.info/en/

Market Cap Ranking: #19

The Latest Price: $261.58

Support Mining Pool: ViaBTC, AntPool, BTC.com, and others.

02 eCash(XEC)

eCash (XEC) was formerly known as Bitcoin Cash ABC (BCHA), a product of the Bitcoin Cash (BCH) hard fork, retaining the SHA256 algorithm. On July 1, 2021, Bitcoin Cash ABC underwent a brand upgrade, officially renaming to eCash, with its token BCHA undergoing a split at a ratio of 1:1,000,000, changing the token name from BCHA to XEC.

The goal of eCash is to become a widely used electronic cash system, not only popular among cryptocurrency enthusiasts but also attractive to ordinary consumers and merchants. It emphasizes ease of use, low-cost transactions, and enhanced privacy, aiming to promote the widespread adoption of digital currency globally.

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Other information

Official Project Website: https://e.cash/

Market Cap Ranking: #107

The Latest Price: $0.00003264

Support Mining Pool: ViaBTC, Mining Dutch, Zpool, and others.

03 Namecoin(NMC)

Namecoin, as one of the earliest cryptocurrencies following Bitcoin, was launched in 2011. Its core code is built upon Bitcoin’s foundation and inherits the SHA256 algorithm used by Bitcoin. However, what sets Namecoin apart from Bitcoin is the introduction of several unique features and innovative improvements, making it not just a digital currency but also expanding its application scope and technical characteristics.

Although the market’s attention to Namecoin has gradually decreased for various reasons, Namecoin still holds significant importance and reference value in terms of technical implementation and historical development. Additionally, a notable feature of Namecoin is its support for Merged Mining with Bitcoin. This means miners can mine both BTC and NMC simultaneously, using the same hashrate to earn rewards in both coins. Currently, ViaBTC Pool offers such an incentive mechanism: Mined 1 BTC and get 1 NMC for FREE.

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other information

Official Project Website: https://www.namecoin.org/

Market Cap Ranking: #1114

The Latest Price: $0.4599

Support Mining Pool: ViaBTC, AntPool, and others.

04 SYScoin(SYS)

SYScoin first appeared in 2014 as a blockchain project that added some new features to the Bitcoin protocol. Its main goal is to provide a decentralized platform for commercial applications by integrating blockchain technology, thereby simplifying transactions and reducing costs.

The most notable feature of Syscoin is that its platform successfully merges the core strengths of Bitcoin and Ethereum. Its Layer 1 consensus mechanism is based on Bitcoin’s SHA256 Proof of Work (PoW) model and supports Merged Mining with Bitcoin. For instance, ViaBTC Pool offers rewards: Mined 1 BTC and get 5 SYS for FREE.

By comparing the hashrate of Syscoin with that of Bitcoin, we find that usually over 55% of Bitcoin’s hashrate is also contributing to Syscoin. This shared hashrate not only enhances the security of the Syscoin network but also strengthens its stability.

Screenshot 2024 02 23 141233.pngScreenshot 2024 02 23 141233.pngOther information

Official Project Website: https://syscoin.org/

Market Cap Ranking: #373

The Latest Price: $0.1378

Support Mining Pool: ViaBTC, Mining Dutch, and others.

*The quoted price data is based on the data provided by CoinMarketCap on February 22nd.

In addition to the ones mentioned above, there are many other cryptocurrencies using the SHA256 algorithm, such as MicroVisionChain (SPACE), Digibyte (DGB), and Ergon (XRG). Although these coins are not as well-known as Bitcoin, they still have a certain influence in specific fields and communities.

About ViaBTC

ViaBTC, founded in May 2016, has provided professional, efficient, safe and stable crypto mining services for over one million users in 130+ countries/regions around the world, with a cumulative mining output value of tens of billions of dollars. This world-leading, all-inclusive mining pool offers mining services spanning more than ten mainstream cryptos that include BTC, LTC, and KAS. Backed by one-stop services covering ViaBTC Pool, CoinEx Exchange, and ViaWallet, ViaBTC strives to offer global users more supporting tools, stabler and more efficient mining services, as well as better product experience.

Disclaimer: This is a paid post and should not be treated as news/advice.

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