You can still mine bitcoin with a GPU, but it’s so outclassed that you’ll end up spending more on energy than you get back from bitcoin.
As ASIC mining took over bitcoin, many people felt that it was no longer a decentralized currency. ASIC-resistant cryptocurrencies like Vertcoin are meant to be more egalitarian, so anyone can profitably mine them on their home computer.
Vertcoin is specifically designed to be decentralised, with mining kept in the hands of its users rather than mining conglomerates.
It does this with an ASIC-resistant design. It’s not the first coin to attempt this, but it might be one of the most successful.
Unlike other coins, Vertcoin has introduced an adaptive mining algorithm that can update to stay one step ahead of ASIC miners.
The same algorithm also gives an extra edge to GPU mining in order to actively incentivise users to mine with their home computers or with over-the-counter video cards.
Other than that, it’s a fairly standard cryptocurrency, much like Litecoin. It has the same 84 million coin supply limit and 2.5-minute block-creation time. You can probably expect quick and cheap blockchain transactions.
Should I buy VTC? What’s the future of its price?
Updated: 20 Sep 2020 20:37:27 UTC
Vertcoin was created in 2014, making it a veteran by cryptocurrency standards. This has given it a lot of time to prove its functionality and the dedication of its team, although you might get more use out of it as a miner than as an investor.
However, it’s not entirely clear what kind of value GPU minability holds for a currency or whether true decentralization is even possible.
At the time of writing, 70% of all VTC is held by only 0.3% of wallet addresses and in order for you to mine it profitably, you will probably need to invest heavily in GPUs.
Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly
volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of
future performance. Consider your own circumstances, and obtain your own advice, before relying on this information.
You should also verify the nature of any product or service (including its legal status and relevant regulatory
requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may
have holdings in the cryptocurrencies discussed.
Andrew Munro is the cryptocurrency editor at Finder. He was initially writing about insurance, when he accidentally fell in love with digital currency and distributed ledger technology (aka “the blockchain”). Andrew has a Bachelor of Arts from the University of New South Wales, and has written guides about everything from industrial pigments to cosmetic surgery.
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