Over the last few months we have seen an incredible increase in Ergo’s community growth and participation. Online interactions have increased significantly with our Twitter and Reddit following now topping over 27k and 10k members, respectively. Ergoauctions.org is bustling with NFT activity, ErgoMixer and SigUSD are allowing users to utilize our unique privacy features and algorithmic stablecoin, and ErgoDEX is working on the finishing touches before its full launch.
Our community of miners is also showing massive growth. The miners (also known as reference clients or nodes) are integral to building the Ergo blockchain and we now enjoy a network hashrate of approximately 27TH/s. This is almost six times the hashrate of the Ergo network from just a couple months ago.
Ergo is a Proof of Work blockchain that uses its own consensus algorithm: Autolykos. The non-outsourcability function from the initial launch is now disabled in Autolykos V2. This was done in order to provide easier access to retail miners joining with mining pools. Autolykos is an ASIC resistant GPU mineable algorithm that works most efficiently with 4-8 GB GPU cards. This feature is beneficial to non-industrial grade farmers by creating an equal playing field and granting them fair access to mining rewards when using retail grade mining tools.
Mining pools that support Ergo have recently doubled. There are now 12 pools supporting Ergo, which helps with network decentralization while also increasing accessibility for potential Ergo miners. Even with the recent surge of new miners, mining Ergo remains as one of the most profitable GPU mineable coins, according to whattomine.com. To this date, Ergo has completed 43% of its total emission with the remaining funds to be released at a stable rate over the next six years.
The Ergo Team aims to make mining as efficient as possible with the integration of novel components, such as logarithmic space mining and storage rent. Logarithmic space mining allows for light miners and efficient storage cost while storage rent eradicates the unused data that is stored in the blockchain.
Miners are the electricity source of blockchains that power DeFi platforms. Therefore, it is important to increase the coin circulation to incentivize miners and leverage electricity consumption by creating a highly scalable blockchain network.
It is easy to start mining Ergo with simple 4GB GPU cards, so interested potential miners should check out this guide on Ergo Mining. This resource allows one to see what their potential daily reward would be with their mining setup. We have a vibrant mining community so if you have any questions about your gear and/or the optimal settings for your equipment, please direct your queries towards the discord and/or telegram communities.
It is suggested that new miners avoid a dominant pool and pick a low hash rate mining pool to support decentralization. To get a sense of the current Ergo mining ecosystem, miners can explore the different pools and current hashrate distribution here. Miners can then easily select a pool and find the relevant tutorials on how to start mining with your selected pool.
Mining not only supports the network but it is also a lot of fun and you can earn profits! Come join this exciting community today!