Bytecoin BCN price surged by an astonishing 300% within the past 24 hours. The price of BCN rose from 25 satoshis to record a high 109 satoshis earlier today on Poloniex, before dropping down to 100 satoshis at the time of writing of this update.
Since its genesis block was mined back in July 2012, Bytecoin’s price was almost always below 10 satoshis. Even though it topped 180 satoshis in May 2015, today’s high is a pivotal level, given the fact that BCN’s value has been increasing steadily since the beginning of March.
What is Bytecoin BCN All About?
Bytecoin is the first altcoin ever to be based on the CryptoNote technology. It was launched in July 2012. Bytecoin is a totally anonymous cryptocurrency; thanks to the CryptoNote technology that utilizes ring signatures, as well as one time cryptocurrency addresses.
Bytecoin BCN was coded from scratch, and it is not by any means a fork of bitcoin. Sometimes, BCN is confused with a bitcoin fork, known as Bytecoin (BTE). Interestingly enough, the creators of BCN were never known and its development history is rather mysterious.
Byteoin CPU Mining Is Very Profitable Now:
Bytecoin is a CPU mined cryptocurrency, which increase the value of the currency, especially that it is almost impossible to trace back the senders and/or receivers of Bytecoin transactions. BCN utilizes an egalitarian ASIC/GPU resistant CryptoNight algorithm. Technically speaking, any PC today can perform profitable Bytecoin mining.
A few weeks ago, we published an article that discussed Bytecoin mining using a PC or a laptop. Back then, a dual core i5, 8 GB RAM PC with a 1 GB Nividia Geoforce GPU could mine Bytecoins that are worth around 10 cents per day. Now, with Bytecoin price hitting the 100 satoshi mark, that same PC could mine what is worth around $2 every 24 hours, provided that the network difficulty did not change markedly from where it was a few weeks ago.
Bytecoin price surged earlier today to score a 2 year high of 110 satoshis on Poloniex. Bytecoin is the first ever CryptoNote altcoin to promote anonymity via ring signatures and one time addresses. With this price surge, Bytecoin CPU mining becomes more attractive and profitable, as an average, or even below average, PC can now mine around $2 worth of Bytecoins a day at the current prices.
Image from Bytecoin’s Bitcointalk.org thread