Bitcoin Interest (BCI) and the New ProgPoW Mining Algorithm
A few days ago the Bitcoin Interest (BCI) fork of Bitcoin has successfully switched to the ProgPoW algorithm, becoming the first crypto coin to actually utilize this new algorithm. ProgPoW is a proof-of-work algorithm designed to close the efficiency gap available to specialized ASICs. It utilizes almost all parts of commodity hardware (GPUs), and comes pre-tuned for the most common GPU hardware utilized in the Ethereum network. The design goal of ProgPoW is to have the algorithm’s requirements match what is available on commodity GPUs, so if the algorithm were to be implemented on a custom ASIC hardware there should be little opportunity for efficiency gains compared to a commodity GPU. This all means that in theory the ProgPoW algorithm will not see ASIC mining hardware, due to no opportunity to get much faster speeds compared to what a GPU is capable of delivering. This essentially means that ProgPoW should in theory be a really ASIC-resistant proof of work algorithm…
If you are interested in more details you can check the official BCI website, and miners would most likely be interested in the mining software, pools and a Bitcoin Interest mining calculator in order to see what is the current mining profitability of your GPU rigs. Here you can also find a BCI Block Explorer to see how are things progressing with the Bitcoin Interest blockchain. You might also be interested in the Bitcoin Interest GitHub repository for the official wallets, miners and so on. BCI is currently being traded on a couple of exchanges including Bitfinex, Stocks.Exchange, HitBTC, Exrates and Trade Satoshi.
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