After a recent string of news such as the release of an Electrum based wallet and upcoming SMS wallets, Myriadcoin have announced the upcoming release of a merged mining multi-pool. The official name ‘Multi-Algo Merged Mining Auto-Exchanging Multi-Pool’ (abbreviated to MAMM[AE]MP) is quite a mouthful but if you look a little closer you will understand how cool the idea actually is.
Myriadcoin is well known for its five separate hashing algorithms which essentially allow proof-of-work using the SHA256D, Scrypt, Skein, Groestl or Qubit algorithms for hashing. This explains the multi-algo part of the title. Any mining hardware including Litecoin and Bitcoin ASICs can mine Myriad whilst still giving GPU and CPU miners a fair chance. Multi-pools are becoming more common and are designed to mine the most profitable coin. The mined coins are then sold and exchanged for the preferred currency; In this case Myriadcoin.What makes the release of MAMM[AE]MP so special is the merged mining which allows shares to be ‘recycled’. Shares that are unsuccessful in finding a Myriadcoin block will then be sent on to other coins. The means the hashpower can be reused without affecting the amount used mining Myriadcoin. Any mined coins can then be optionally auto-sold for Myriad meaning an overall increase in mining efficiency whilst putting upward pressure on prices. Coins that are merge mined with Myriad will get the benefits of more hash power securing the network but the downside is that a lot of users are likely to have auto sell enabled meaning it will also put a downward pressure on the exchange prices.
There are currently four SHA256D coins and six scrypt coins that can be merge mined using the multipool. Use of the other three algorithms is not yet wide spread meaning there are no coins to merge mine with. The hope is other proof of concept coins will be created that can then be merge mined with Myriadcoin. The multipool is 95% complete already and there should be an open beta within 1-2 weeks.
Read the Release Statement to find more details.