Slide 1
Slide 2


Bitcoin is a payment system introduced as open-source software in 2009 by developer Satoshi Nakamoto.The payments in the system are recorded in a public ledger using its own unit of account, which is also called bitcoin. Payments work peer-to-peer without a central repository or single administrator, which has led the US Treasury to call bitcoin a decentralized virtual currency.


Litecoin was released via an open-source client on GitHub on October 7, 2011 by Charles Lee, a former Google employee.[12] It was a fork of the Bitcoin-Qt client, differing primarily by having a decreased block generation time, increased maximum number of coins, different hashing algorithm, and a slightly modified GUI.


Feathercoin (code: FTC) is a cryptocurrency and open source software project released under the MIT/X11 license. It started as a clone/fork of Litecoin which was in turn inspired by Bitcoin. The lead coder, who has made minor modifications to litecoin's source code, is Peter Bushnell, IT officer at Brasenose College, Oxford Unversity.


Vertcoin (VTC) is a peer-to-peer cryptocurrency and software project. Vertcoin is currently the 14th-largest cryptocurrency by market capitalization, which is $4,608,294 USD as of 17 May 2014. A 2014 International Business Times article mentions Vertcoin as a potential Bitcoin successor. The article notes that it "hopes to offer an alternative.

Mining rig

Mining rig

mining rig is a computer system used for mining bitcoins. The rig might be a dedicated miner where it was procured, built and operated specifically for mining or it could otherwise be a computer that fills other needs, such as performing as a gaming system, and is used to mine only on a part-time basis.

Warning: GPU mining is not very profitable (if at all) anymore, and even if you have free electricity, GPU rigs will likely never pay for themselves at this point!

ASICS for Litecoin

An ASIC is an Application Specific Integrated Circuit. They are specially designed pieces of hardware for performing the hashing algorithms necessary to mine a specific coin and verify hashed transactions. These pieces of hardware are designed and manufactured to perform necessary hashing and nothing else.

With the increasing valuation of Bitcoin, in fiat terms, the economic viability of ASICs begun to make sense some time ago. The development of ASICs to do SHA256 became a reality. There were issues along the way with bringing them to market, but ASICs have arrived.

With the increasing valuation of any coin the same is true: ASICs become a viable option. It is difficult and some would say impossible to avoid ASIC development in the face of viable economic incentives.

ASICs are considered undesirable for a variety of reasons, not the least of which is that they concentrate mining power too heavily and diverge from the original ‘one cpu one vote’ intention of Satoshi.