Each cryptocurrency uses a specific hashing algorithm that applies cryptographic hash functions and maintains the functioning of a blockchain and processing of transactions, after which miners receive their rewards in the form of coins of a particular cryptocurrency sent to their wallets.
SHA256 (Secure Hash Algorithm 256) is the oldest and most popular algorithm, atop of which the Bitcoin’s Proof-of-Work (PoW) protocol is built, as well as many other cryptocurrencies.
Among other cryptocurrency hashing algorithms are:
• Scrypt. The second most popular algorithm on which Litecoin is running;
• Ethash (formerly DaggerHashimoto). It powers the Ethereum network;
• Equihash. This one is popular among GPU miners and is used in Zcash;
• X11. It has an 11-stage hashing process and is used in Dash;
• CryptoNight. A good solution for CPU miners, which is used in Monero.
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