A big Neoscoin update has been posted by the developers today, and it contains a ton of news. There will be a hard fork occurring soon in order to change the mining structure of NEOS, as multi-algorithm mining support will be dropped. We will also see anew difficulty re-targeting system being implemented. Let’s take a closer look, shall we?
Most of you will know Neoscoin included multi-algorithmic mining support for a very long time. The reason for this was to give all sorts of miners, big and small, a reason to keep mining cryptocurrency with their existing hardware;
By supporting SHA, X11 and Blake algorithms, there was a little something for everyone to choose, whether you have an ASIC, a GPU farm or just want to mine with your CPU. Unfortunately, according to recent statistics, it looks like botnets are doing most of the mining work.
How did the team come to that conclusion, you ask yourself? For starters, of the possible 14,400 NEOS being mined daily, almost 12,000 of those were found through the Blake mining algorithm alone. Not exactly normal, wouldn’t you agree?
On top of that, there was virtually no mining activity on either the X11 or SHA algorithms, which is rather odd in its own right. Even when there was substantial hashpower on the SHA algo, Blake still came out on top in terms of mined coins and blocks being found.
Last but not least, when looking at the exchanges, there has been a consistent dump of Neoscoin at ridiculously low prices. No one with their own mining hardware would consistently mine NEOS through the Balek algorithm, and dump the coins at a loss.
Do not be mistaken, as there quite a few legitimate miners mining away on Neoscoin’s Blake algorithm. In that regard, the NEOS team is sorry to announce they will remove the Blake algorithm mining option, as well as the X11 mining option, once the hard fork occurs;
There are plans being set in motion in order to create a NEOS multipool which will support the Blake mining algorithm. The current Neoscoin multipool already supports X11, so for those miners, there is a new safe haven!
The big question is : when will this hard fork occur? On or around December 16th, once the NEOS network passes block 42,778. From that point forward, only SHA mining will be supported directly, and Dark Gravity Wave will be the new difficulty re-targeting system.
In order to download the new client, as well as read the upgrade instructions, click here.