Since its inception, Vertcoin has not held back its criticism for ASIC. The resistance has now gone to a whole new level, with the launch of an online social media campaign dubbed #FairMining. The aggressive hashtag is squarely focused on Chinese ASIC developer, Bitmain. The frontiers claim that Bitmain is the epitome of unfairness and has significantly contributed to the plummeting of Bitcoin and other altcoins.
What are ASICs?
ASIC is an abbreviation for application specific integrated circuit, the devices used in the mining of Bitcoin. These devices are vastly superior to conventional computing hardware, as they can mine cryptocurrencies at significantly higher hashing rates while efficiently consuming electricity. Eventually, these gadgets will phase out traditional computers and mining GPUs. As of now, ASICS are primarily manufactured in China, with Bitmain being the largest producer.
The ASIC Resistance
In recent times, there has been an outcry opposing the production of ASICs. Vertcoin, an underdog digital currency project, has been particularly vociferous on this matter. Together with other ASIC resistant projects, they have consistently stated that ASIC mining creates an uneven playing ground. Alluding to Bitcoin’s whitepaper, which explicitly declares that a single CPU is entitled to one vote, the anti-ASIC activists claim that Bitcoin mining was intended for individuals on personal computers.
The Ideals Of The #FairMining Campaign
In a blog post shared on popular online forum Reddit, Vertcoin declared their staunch opposing of the ASIC devices. The article also touched on the recent move by Monero to initiate a hard fork to counter the use of ASIC mining hardware within their blockchain. Specifically, the post called upon Vertcoin followers’ to support Monero in their campaign against Bitmain’s Antiminer X3.
Additionally, the article explains that ASIC mining brings about centralization, making the networks vulnerable. Also, mining enthusiasts are locked out due to the inability to compete. Finally, the ASICs render the gadget’s developers the most powerful entity in the cloud mining industry.
Nonetheless, the call to action is undoubtedly the article’s centerpiece. It explicitly urges all cryptocurrencies to actively participate in shunning ASICs and Bitmain so as to uphold the security and protect the decentralization of their respective networks.