Is crypto mining worth it


Gridcoin Informational Guide

Proof-of-Stake and Proof-of-BOINC hybrid


Gridcoin Introduction

Gridcoin (Ticker: GRC) is a decentralized, open-source, math-based digital asset (cryptocurrency). Gridcoin, while energy-efficient, is the very first and only cryptocurrency that prizes individuals for scientific contributions and performs transactions peer-to-peer cryptographically – without the need for a central authority to distribute prizes. It is the very first block chain protocol that delivered a working algorithm that prizes and cryptographically proves solving BOINC (Berkeley Open Infrastructure for Network Computing) hosted work, which could be virtually any kleuter of computing process. Gridcoin provides benefits to humanity through contributions to computational research. There are no limitations to a single BOINC project, providing the plasticity to be rewarded for virtually any type of computational process.

Gridcoin wasgoed launched on October 16th, 2013 by Zeerob Halford, following an announcement CryptocurrencyTalk.

The coin compensates the coin miners (researchers) for participating ter BOINC projects that may lead to advances ter medicine, biology, mathematics, science, climatology, particle and astrophysics, thus providing real benefits to humanity. Gridcoin compensates researchers for contributing computational power towards BOINC research using an energy-efficient Proof-of-Stake process, instead of generating fever and using computational power for a Proof-of-Work algorithm. Gridcoin differs from other scientific cryptocurrencies te its capability to support many different kinds of scientific projects and is only limited by what is presently broadcast overheen the BOINC network, and the project whitelist determined upon by community overeenstemming.

There wasgoed a switch from the original Gridcoin protocol (Gridcoin-Classic) to Gridcoin-Research, the actual Gridcoin. Gridcoin-Classic used a hybrid Proof-of-Work which permitted each laptop to spend half of the time hashing, and half of the time contributing to science, An improvement on Bitcoin, but computational resources were still being wasted. The BOINC work wasgoed only used to measure the subsidy that wasgoed supposed to be minted with the block. Gridcoin-Research makes scrypt mining and Proof-of-Work hashing obsolete. With the switch to Gridcoin-Research and the Proof-of-Research algorithm, almost all of the energy goes to science, The compute power to secure the block chain is minimal. Te the Proof-of-Research algorithm, the BOINC work is not only used to measure the subsidy and provide a unique alternative to classic work measuring Proof-of-Work schemes, but actually complements the security of the Proof-of-Stake system.

Getting Embarked

Gridcoin Wallet Information

Gridcoin Technical Information

Related topics


  • Launched: October 16th, 2013
  • Retired: April 20th, 2015
  • By: Zeerob Halford
  • Algorithm: Scrypt Proof-of-Work
  • Supply: 40 Million Approx.
  • Block time: Two.Five Minutes
  • Retarget: Every 30 Minutes
  • Prize: variable
  • Premined: 0%
  • Launch: October 11th, 2014
  • By: Zeerob Halford
  • Algorithm: Proof-of-Research, Prize based on Research contribution to BOINC secured via Proof-of-Stake
  • Supply: See Proof-of-Reseach Prize Schedule, inflation target approximately 3% vanaf year
  • Block time: 90 Seconds
  • Prize: See Prize Calculation Example
  • Premined: 0% – Initial distribution based on Proof-of-Burn from Gridcoin Classic – Research Foundation Block = 340,569,880

Gridcoin permits near instant peer to peer transactions and worldwide payments at very low processing fees. The code is open source and permits everyone to take part te the success and development of the currency. Open Source is said to be more secure, since everybody can review and improve the code if needed.

BOINC’s success is largely built on the credit system, which permitted for competition inbetween partakers. Gridcoin furthers this competition by adding an interchangeable scale of measure. Peers can now directly see their contribution and own mark on the chain, a document of scientific progress.

Comparison to Bitcoin

Bitcoin is consuming approximately 42.Sixty nine TWh according to Digiconomist. Albeit controversial te modeling this figure, it shows that a lotsbestemming of unnecessary energy is used by Bitcoin’s SHA-256 algorithm, which could be used for more useful calculations. Gridcoin is based on the Bitcoin protocol but differs from Bitcoin ter that it can be efficiently mined with consumer-grade hardware, therefore is not likely to be substituted by specialized ASIC mining chips ter the future.

Gridcoin-Research is based on a Proof of Stake algorithm, which itself is much more energy efficient. Energy-efficiency wasgoed already propagated during the release of Peercoin, the very first Proof-of-Stake coin. Proof-of-Stake permits miners to dedicate their compute resources towards scientific computations instead of securing the blockchain.

Official Resources

  • Volunteers, Roles & Privileges
  • Webstek:
  • BOINCstats:
  • Gridcoinstats:
  • Nuad.den: https://www.nuad.den/block-explorer/
  • Netsoft:
  • Free-DC Stats:
  • Forum Badges:
  • Whitepaper GRC-Classic:
  • Paper Wallet Generator: https://walletgenerator.televisiekanaal/?currency=Gridcoin
  • Profitability Rekenmachine:
  • Gridcoin-Classic Burn:
  • Burn Pool: (Conversion is not possible anymore)
  • Burn Statistics:
  • Source Code:
  • Gridcoin-Research:
  • Gridcoin-Classic (retired):
  • Various resources:
  • Gridcoin’s GitHub community organization:
  • Webstek:
  • Gridcoin Tasks:
  • Marketing pics:
  • Branding pictures:
  • Pics:
  • Launchpad: https://launchpad.televisiekanaal/gridcoin
  • Bintray:
  • AUR Qt:
  • AUR daemon:
  • Exchanges:
  • Bitsquare:
  • Poloniex:
  • C-Cex: (GRC/BTC and GRC/USD trading pairs)
  • Bittrex:
  • HolyTransaction:
  • OpenLedger: https://bitshares.openledger.informatie/ (GRC/BTC and GRC/BTS)
  • Bitshares-Light:
  • Voort.One:
  • RUDEX:
  • bisq:
  • Flyp.mij: https://flyp.mij/
  • Stores:
  • Coinpayments.nipt: https://www.coinpayments.televisiekanaal/store-directory-coin-GRC
  • CoinToPay:
  • 3rd-Party wallets:
  • CoinVault:
  • Coinomi:
  • Forums:
  • Cryptocurrencytalk:
  • Cryptocurrencytalk macOS:
  • Bitcointalk:
  • Steemit:
  • BeyondBOINC: https://beyondboinc.nipt/
  • Reddit:
  • Reddit (ru):
  • Rocket.Talk:
  • IRC: #gridcoin (vereiste be registered with NickServ) on Freenode or
  • Telegram: https://t.mij/gridcoin
  • Discord: https://discord.mij/gridcoin
  • Slack:

This Wiki

Consultatie the User’s Guide for information on using the wiki software.

Nothing can be lost, all is reversible, so feel free to hack away.

Related movie: How to build a basic Ethereum (Classic) mining Equipment (1/Two)

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