How Sumcoin Mining Works

Where do Sumcoins come from? With paper money, a government decides when to print and distribute money. Sumcoin doesn’t have a central government.

With Sumcoin, miners use special software to solve math problems and are issued a certain number of Sumcoins in exchange. This provides a smart way to issue the currency and also creates an incentive for more people to mine.

Sumcoin is Secure

Sumcoin miners help keep the Sumcoin network secure by approving transactions. Mining is an important and integral part of Sumcoin that ensures fairness while keeping the Sumcoin network stable, safe and secure.

What is the Blockchain?

Sumcoin Mining is intentionally designed to be resource-intensive and difficult so that the number of blocks found each day by miners remains steady. Individual blocks must contain a proof of work to be considered valid. This proof of work is verified by other Sumcoin “NODES” each time they receive a block. Sumcoin uses the hashcash proof-of-work function.

The primary purpose of mining is to allow Sumcoin nodes to reach a secure, tamper-resistant consensus. Mining is also the mechanism used to introduce Sumcoins into the system: Miners are paid any transaction fees as well as a “subsidy” of newly created coins.

This both serves the purpose of disseminating new coins in a decentralized manner as well as motivating people to provide security for the system.

Sumcoin mining is so called because it resembles the mining of other commodities: it requires exertion and it slowly makes new currency available at a rate that resembles the rate at which commodities like gold are mined from the ground.

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Mining the "Blockchain"

Sumcoin mining is the process of adding transaction records to Sumcoin’s public ledger of past transactions or blockchain. This ledger of past transactions is called the block chain as it is a chain of blocks. The block chain serves to confirm transactions to the rest of the network as having taken place.

Sumcoin nodes use the block chain to distinguish legitimate Sumcoin transactions from attempts to re-spend coins that have already been spent elsewhere

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What is Proof of Work?

proof of work is a piece of data which was difficult (costly, time-consuming) to produce so as to satisfy certain requirements. It must be trivial to check whether data satisfies said requirements.

Producing a proof of work can be a random process with low probability, so that a lot of trial and error is required on average before a valid proof of work is generated. Sumcoin uses the Hashcash proof of work.

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What is Sumcoin Mining Difficulty?

The Computationally-Difficult Problem

Sumcoin mining a block is difficult because the Scrypt hash of a block’s header must be lower than or equal to the target in order for the block to be accepted by the network.

This problem can be simplified for explanation purposes: The hash of a block must start with a certain number of zeros. The probability of calculating a hash that starts with many zeros is very low, therefore many attempts must be made. In order to generate a new hash each round, a nonce is incremented. See Proof of work for more information.

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The Sumcoin Network Difficulty Metric

The Sumcoin mining network difficulty is the measure of how difficult it is to find a new block compared to the easiest it can ever be. It is recalculated every 2880 blocks to a value such that the previous 2880 blocks would have been generated in exactly 1 day had everyone been mining at this difficulty. This will yield, on average, one block every 30 seconds.

As more miners join, the rate of block creation will go up. As the rate of block generation goes up, the difficulty rises to compensate which will push the rate of block creation back down. Any blocks released by malicious miners that do not meet the required difficulty target will simply be rejected by everyone on the network and thus will be worthless.

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Business Growth

Contact support@sumcoin.org if you would like to advertise an event for your business HERE.

Crypto Consulting

The Global Developers of Sumcoin also work on many well known projects.  Contact us if you need to discuss help with any project.

Online Workshops

In Development!

Mining Options

Select from any of the Sites below to navigate for more Sumcoin Mining Info

Why Sumcoin?

Sumcoin, or the “SUM” of coins means that it tracks all coins in near real time from over 600 different data points. Sumcoin is continuously aggregating and finds what the current top 100 coins are by global market cap. The “SUM” price is generated using an algorithm based on the market fluctuations of the top 100 most valuable coins.

Given the speed, security and simplicity being able to hold the “SUM” of the market in only one coin, Sumcoin is for those who want to gain maximum exposure to the crypto space but may only want to hold one coin for simplicity, which can reduce risk factors. As the value is spread across 100 coins, there is a great reduction of volatility to Sumcoin vs any other coin.

Fast, Global, Decentalized

SUM’s maximum targeted processing time is only 3 mins.   The Sumcoin network consists of servers all over the world, and over ten thousand nodes keeping track of all the transactions happening on the system. And that’s important, because it means if something was to happen to one of the servers or nodes, the others can pick up the slack.
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Irreversible

Sumcoin’s base layer transactions on the blockchain are irreversible and final. It’s no exaggeration to say that the entirety of Sumcoin’s system of blockchainminingproof of workdifficulty etc, exist to produce this history of transactions that is computationally impractical to modify.

Secured

Trying to hack into a Sumcoin server is pointless: there’s nothing there you could steal from another server that the other nodes and servers couldn’t detect and prevent, unless you happen to control 51% of the nodes. A not impossible but terribly unlikely situation.

High Security

Unlike other projects, Sumcoins developers continue to add checkpoints and updates to the codebase Monthly.   Some projects like Bitcoin, Litecoin and others have not done so since 2015.    This is not to say those projects are not secure, however it would be true to say Sumcoin is more secure than those projects because of this attention to security.

Sumcoin Wallets

You can Download a Core Wallet on Desktop or Mobile Wallet on Android or iOS.