X11 is the name of a hashing algorithm which is using 11 different algorithms chained together, this is how it got its name. These eleven algorithms are: Initially, X11 was created to overcome the drawbacks of the major cryptocurrency mining algorithms like SHA used by Bitcoin and Scrypt used by Litecoin or Dogecoin.
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The biggest drawback was that ASIC miners took over the mining industry for these cryptocurrencies making it centralized and computer-based mining mining not worth performing it anymore. Because of using bitcoin different algorithms, ASIC miners currently cannot mine X11 based cryptocurrencies efficiently. The aim of its development to make cryptocurrency mining decentralized again.
Which coins are using X11 algorithm? The most popular X11 coin is Dash, which previously was running under different names, such as DarkCoin and Xcoin. It has been rebranded multiple times, and by now it has become a cryptocurrency featuring instant transactions, decentralized running and budgeting, and private transactions.
The community behind Dash is very active and engaging.
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Some other altcoins are also using X11 algorithm, but none of them has managed to reach the popularity of Dash in the recent years. Startcoin has been launched to help crowdfunding. It is a digital currency that rewards you for supporting change. Digitalcoin offers an anonymous, instant and secure way to transfer money. Spreadcoin has created a variant called SpreadX11 algorithm which even prevents pooled mining in order to further enhance the decentralization of the cryptocurrency mining activity.
Which hardware mining you use for mining with X11 algorithm? The main benefit of the X11 algorithm is that it can be bitcoin either on CPU as well as on GPU and due to the different algorithms used there are not too much ASIC miners on the network available yet which can take over the mining done by the people in their homes. Altough the first ASIC miners for Running mining has hit the market miningdue to the increase in difficulty, the profitability of the machines were quickly deteriorated as users have been complaining about it.
Another benefit compared to Scypt and SHA that is less intensive for the hardware as it is using less electricity. Regarding to the hashrates produced your bitcoin you can use reference site so check the profitability you can achieve with running X11 miners.
However due to the recent appearance of ASIC miners on this market which increases the difficulty of mining, the profitability of running a home mining equipment is quickly decreasing. Pro ASIC miners just recently started to be developped Cons need special knowledge running assemble a mining rig only some small coins are available to mine beyond Dash Learn Crypto Trading:.