Lyra2REv2 (RE – Reduced Efficiency, v2 – Version 2) is a revolutionary proof-of-work algorithm which is written by the Vertcoin's team and for Vertcoin (VTC) cryptocurrency. Lyra2REv2 is a chain based and it contains a series of different hash functions – Blake, Keccak, Cubehash, LYRA2, Skein and BMW (Blue Midnight Wish).
The Lyra2RE algorithm was modified by Vertcoin developers to favor GPU miners because of a single CPU-based botnet controlling a majority of the network's hash power. As a result, on August 10, 2015 (block 347000), Vertcoin forked from Lyra2RE to Lyra2REv2.
This chained algorithm is secure, robust and is designed to defeat ASIC miners. The difference between Lyra2RE and Lyra2REv2 is in the later version; 2 rounds of Cubehash was introduced to reduce the CPU effectiveness. This is in order to mitigate the effect of botnet mining.
Blake -> Keccak -> Cubehash -> LYRA2 -> Skein -> Cubehash -> Blue Midnight Wish (BMW)
Lyra2REv2 also consumes less power than previous version. Since it is memory dependent and due to its chained structure; designing an ASIC is quite difficult, but this is not the case anymore as there are some talks about Lyra2REv2 ASICs.
Lyra2v2 and Lyra2REv2
After the implementation of Lyra2REv2 by Vertcoin (VTC) many other cryptocurrencies used the same PoW algorithm. Some projects point their hashing algorithm as Lyra2REv2 and some as Lyra2v2. People who are new to the world of cryptocurrencies are often confused on which algorithm the coin is based on and what to input in the command line miner. So, there is no difference between Lyra2v2 and Lyra2REv2 algorithms. They are same (Lyra2REv2 = Lyra2v2). In some mining software you’ll have to use lyra2v2 but looks like most of the recent mining software’s and pools support Lyra2REv2.
Example: ccminer -a Lyra2REv2 -o stratum+tcp://pool:port -u wallet-address -p X
Lyra2REv2 Coins List
There are so many coins using Lyra2REv2 as a PoW algorithm. Some of them are multi-algorithm currencies and some of them are just copy/paste coins that serve no real value. The list gets bigger if we list them all here and anyways most of the cloned projects will disappear into nothingness soon. For this reason we’ll only describe coins that are continuously developed and has an active community. Rest all other projects; we’ll just list them with link to BitcoinTalk so that you can do your research.
The most popular coins that uses Lyra2v2 algorithm are:
- Vertcoin (VTC);
- MonaCoin (MONA);
- Rupee (RUP);
- Straks (STAK);
- Verge (XVG);
- Shield (XSH);
- Galactrum (ORE).
So the choice for mining is quite wide, although most often crypto investors prefer to mine Vertcoin, Monacoin and Verge. The efficiency of mining for each of these cryptocurrencies depends on the hardware.
The choice of the miner program depends on the specific cryptocurrency and the videocard manufacturer. Nvidia users often mine cryptocurrency with ccMiner. It is usually 1.7.6 ccMiner ccMiner and 2.2 versions.
The owners of AMD prefer mine cryptocurrency via MKXminer.
Many mining pools support cryptocurrencies based on the Lyra2REv2 algorithm, so, there is a wide range of pools to choose. It can be Suprnova pool, Coinmine, P2Pool, Zpool. It is possible to use cloud mining for earning money. There you are able to use NiceHash mining pool.