- Grin is a new coin launched only last month
- Based on Mimblewimble, it represents a new approach to privacy and scalability
- So far, miners are finding it a very lucrative coin
Grin is a fairly new coin, launched only last month, but it is getting a lot of attention, and rising fast in the rankings. It is based on Mimblewimble – a new approach to privacy that greatly increases scalability.
About Grin and Mimblewimble
Grin is a new privacy-oriented cryptocurrency in the market. It is an open-source project with some surprising advantages and limitations. Many of these things are contrary to the developments currently happening in the cryptocurrency market. It focuses on scalability, privacy, and fungibility, all of which are built by using a MimbleWimble blockchain with different optimizations. MimbleWimble is a blockchain protocol which was introduced by the pseudonymous ‘Tom Elvis Jedusor’ back in July 2016. It has become popular among a lot of Bitcoin and privacy proponents.
A breath of fresh air
Grin went live with no ICO or private sale, relying entirely on donations and developer enthusiasm for its creation and continued development.
The hype around Grin mining has prompted a discussion about where Grin can be categorized among the different crypto players in the industry. So far, however, miners at least are finding it a very lucrative coin. And it cannot be denied that the past year has been a really tough time for miners. There have been mass shutdowns and mining machines have been dumped to the wayside. Good thing it is resistant to GPU-mining and ASIC mining in the short term. It will surely become one of the options for the new miners in the industry.
Earlier this month, SparkPool customer manager said that as a currency supporting GPU mining, the existing mining revenue is now higher than that of Ethereum.
However, new miners need to act fast. Soon the big players in the crypto space will come back to seize the new market. According to Innosilicon, the first ASIC for the coin is to be released in summer this year. In a Tweet, Innosilicon Miner said:
“Innosilicon is happy to announce that our world class engineering team is currently designing a very cool Grin Asic miner to support the Grin community. We are going to launch our best-in-class miner early summer this year.”