WariHash Blog

Update: Order Duration Option

We’ve adjusted the buy form to utilize a dropdown to specify either hour or day for the duration, and our maxium order duration has been extended from 48 hours to 3 days. In the upcoming update, we will look to extend the maximum duration even more. If you need longer durations than what is avilable, get in touch with us at support@warihash.com.

This Week in Mining: June 29th

Here’s this week’s mining industry news:
  1. A vulnerability in Ravencoin allowed miners to create more mining rewards than originally allocated. It is reported that there are approximately 300 million extra Ravencoins that have been created. These extra coins have already circulated through exchanges. Currently the devs plan to fix the bug but keep the fraudulently created coins in circulation as it is now mixed in with legitimate coins.
  2. Kazakhstan plans to double its investment in digital currency mining. Their initiative was reported to have attracted 20 million US dollars worth of investments.

This Week in Mining: June 22nd

Here’s this week’s mining industry news:
  1. Trustnodes reports Several Ethereum (ETH) mining pools have been creating thousands of small transactions (~ 0.05 ETH or less) per day, congesting the network and elevating fee pressure. There is speculation that this is due to automated payouts by pools to smaller miners.
  2. According to molllliy on Twitter, ousted Bitmain co-founder Micree Zhan has published a list of illegal activities that his co-founder and CEO Jihan Wu has engaged in, including embezzlement. He concludes with an offer to buy back shares of the company at a $4B USD valuation in order to end the power struggle.

What is the Ethash mining algorithm

Ethash is a memory hard proof-of-work (POW) algorithm and was specifically designed to be used for Ethereum (ETH). It is currently also used to mine Ethereum Classic (ETC). The algorithm is an improvement over the original Ethereum POW proposal known as Dagger-Hashimoto, invented by Vitalik Buterin and Thaddeus Dryja. Hence Ethash is sometimes referred to as Dagger-Hashimoto.

Like other memory hard POW algorithms, ASICs have been developed to mine Ethash. The first publicly available ASIC, Bitmain Antminer E3, was announced in April 2018. The development of ASICs has driven discussions within the Ethereum community to change its mining algorithm, but proposals for new algorithms such as ProgpPow has been thwarted thus far.

Ethash is unique in that the memory usage of the algorithm increases over time. Every 30,000 blocks (epoch), Ethash recalculates a “Directed Acyclic Graph” (DAG) file which increases in size at each recalculation. As of this time (June 24 2020), the Ethereum the DAG file size is 3.69 GB. Comparatively, the DAG file size on the first Ethereum block was 1 GB. This increase in memory usage can render old ASIC’s obsolete. The above mentioned Antminer E3 unit can no longer mine Ethash as it does not have enough internal memory to store the DAG file.

This Week in Mining: June 15th

Mining news for this week:
  1. Bitcoin experienced an upward difficulty adjustment of 14.95%–the largest increase in 2.5 years. This brings the difficulty almost in line with pre-halving levels. There’s some speculation on what is happening behind the scenes, including a combination of older hardware being plugged in to take advantage of the negative difficulty adjustments as well as next gen hardware coming online.
  2. ASIC manufacturer Ebang disclosed a $2.5m loss for Q1 2020, according to an update to their IPO prospectus. The IPO would make Ebang the second Chinese ASIC manufacturer publicly traded in the US after Canaan.