Iron Fish Hard Fork: Enhancing Security and Decentralization
2024/3/12
On April 2, 2024, the Iron Fish blockchain will undergo a hard fork aimed at changing the mining algorithm. The primary goal of this hard fork is to protect the coin from the influence of ASICs and FPGAs.
The hardfork is scheduled on block height (503,338) which is approximately April 2nd 12:00 GMT but can be earlier/later by a few hours, depending on how quickly the block is mined.
A hard fork is a significant change to the blockchain protocol, rendering the old protocol no longer supported. Such changes require agreement and migration of all network participants to the new version. Hard forks are utilized to improve the protocol, fix errors, settle community disputes, or implement new features.
Why Iron Fish?
The official Iron Fish website — https://ironfish.network/
Iron Fish uses its own L1 blockchain that encrypts every transaction, shielding your sensitive asset information from public view. All transactions are private and validated by zero knowledge proofs (ZKP).
The aim is to provide a safer, better, more approachable user experience for crypto holders.
Historical Events:
- On April 20, 2023 — Mainnet launched. Official start for Iron Fish mining.
- On September 18, 2023, the developer of the miner lolMiner, with the nickname
Lolliedieb
, proposed an alternative algorithm specifically designed for Iron Fish, known as FishHash. The community quickly embraced the initiative, and the algorithm received its simple and understandable name — FishHash. - On September 21, 2023, a vote was announced to change the Iron Fish mining algorithm. Competing against FishHash were EthashB3, Ethash w/EIP 3372, Autolykos V2, ProgPow, and Blake3 (the old Iron Fish algorithm).
- On October 3, the voting results were revealed. The community has made a choice! FishHash emerged as the winner with a significant margin.
Prepare Yourself For Hardfork!
Your wallet address will remain unchanged, and the coins you mined will not disappear.
- If you are running your own node (CLI), please make sure you have installed the latest Node v2.0.0 release with the hardfork activation: https://github.com/iron-fish/ironfish/releases/tag/v2.0.0
- If you are using Iron Fish Node App (the GUI App), please make sure you have installed the latest Node App v3.0 release with the hardfork activation: https://ironfish.network/use/node-app
Fox wallet and exchange wallets may also undergo maintenance for a couple of days during the hardfork update. It's advisable not to send coins during this time.
If you mine Iron Fish on a pool, we recommend increasing the payout threshold so that coins are not sent until the wallets and exchanges restores payment processing.
If you hold Iron Fish coins on an exchange, they may be unavailable on the hardfork day. This is normal, and after network changes, the coins will be accessible again.
Kryptex Pool will notify the miners in advance and provide all the instructions for the switch, so stay tuned for updates!
Why Change the Algorithm?
The developers of Iron Fish consistently listen to the opinions of their community. The hard fork aims to protect the algorithm from the influence of ASICs and FPGAs, eliminate those who play "unfairly," enhance the network's reliability and security, and attract GPU miners, making the network more decentralized.
Previously, Iron Fish operated on a slightly modified Blake3 algorithm. Blake3 is a cryptographic hash function originally not designed for mining but later repurposed to expedite the network and address security and scalability issues.
As Blake3 exclusively utilizes x64 and x86 resources, the algorithm can be easily adapted for ASICs and FPGAs — specialized and highly efficient devices designed to quickly mine cryptocurrency.
What Will Change?
The most effective way to defend against ASICs and FPGAs is to focus on using fast and expensive memory, along with altering the hashing algorithm itself.
The proposal suggests replacing the Iron Fish hashing algorithm with a Proof of Work algorithm emphasizing memory, similar to Ethash. FishHash levels the playing field between different mining equipment (ASICs, FPGAs, and GPUs), making mining more accessible to a broader community.
FishHash is no exception, and unlike before when Iron Fish utilized only core resources, it will now require fast memory. The DAG file will occupy around 5 GB, enabling mining for GPUs with a memory capacity of 6 GB and above.
For more details on algorithm changes, you can read here: FIP-3 Memory-Hard Mining Algorithm
Does This Secure the Coin Against ASICs Forever?
It is impossible to create 100% protection against ASICs.
Creating and using ASICs itself is not inherently bad, but in the early stages, the advent of ASICs disrupts network decentralization, concentrating a significant amount of coins in few hands, often used as a means of market manipulation.
It's crucial to understand that changing the algorithm does not provide a 100% guarantee that ASICs will never appear, but developing such an ASIC will be very expensive and inefficient (at least up to a certain point). The question is whether creating such an ASIC will be reasonable.
Which Miner Supports the FishHash Algorithm?
The first miner to support the FishHash algorithm is, of course, lolMiner, as the algorithm was created by the miner's developer. The miner works with both AMD and Nvidia GPUs.
You can already test your GPU and see how it performs with the FishHash algorithm. The Kryptex pool supports mining the coin on the testnet.
Download the latest miner version, launch the miner with the following parameters:
lolMiner.exe --algo FISHHASH --pool iron.kryptex.network:7777 --user WALLET/WORKER
Replace WALLET
with your Iron Fish wallet address and WORKER
with your worker name.
You won't receive coins for this mining until the hard fork is complete, but you can evaluate the new algorithm and prepare your GPUs for mining on the new algorithm.
The developers of the rigel and SRBMiner-Multi miners expressed readiness to support the hard fork and will the new FishHash algorithm.
How Will the Earnings Change?
The block reward will remain unchanged, but predicting the actual profitability of Iron Fish after the algorithm change is challenging.
Earnings are significantly influenced by network difficulty, and with the algorithm change, network difficulty will decrease as ASICs and FPGAs can no longer mine. A reduction in network difficulty should increase miners' earnings, at least in the initial period after the hard fork.
How Will Mining Change?
The faster your GPU memory, the better Iron Fish will mine on the new FishHash algorithm. Top-tier Nvidia GPUs, such as RTX 3070 Ti - RTX 3090 Ti, and new GPUs like RTX 4070 Ti - RTX 4090, will perform exceptionally well.
Lower-end GPUs from the RTX 4000 series might mine less efficiently than RTX 3000 cards since the memory bus on the new GPUs is smaller (128-bit vs. 256-bit), resulting in lower performance.
GPU overclocking will focus on memory rather than the core. GPU power consumption will be regulated by core frequency and overall card power consumption (Power Limit).
GPU power consumption will also increase. A close analogy for overclocking and consumption is mining coins with the Ethash algorithm.
Below, we have compiled a table of some GPUs to illustrate the difference clearly:
Model | Blake3 Hashrate | Blake3 Consumption | FishHash Hashrate | FishHash Consumption |
---|---|---|---|---|
RX 6700 XT | 8 500 Mhs | 65 Watt | 31 Mhs | 95 Watt |
RTX 3060 | 8 000 Mhs | 65 Watt | 31 Mhs | 110 Watt |
RTX 3070 | 11 500 Mhs | 90 Watt | 38 Mhs | 125 Watt |
RTX 3070 Ti | 12 500 Mhs | 100 Watt | 49.5 Mhs | 175 Watt |
RTX 3080 | 18 000 Mhs | 160 Watt | 65 Mhs | 215 Watt |
RTX 3090 Ti | 21 500 Mhs | 135 Watt | 84.5 Mhs | 310 Watt |
RTX 4070 | 20 200 Mhs | 130 Watt | 35 Mhs | 105 Watt |
RTX 4070 Ti | 24 500 Mhs | 135 Watt | 42 Mhs | 120 Watt |
RTX 7900 XT | 25 000 Mhs | 240 Watt | 55.5 Mhs | 180 Watt |
RTX 4080 | 34 500 Mhs | 215 Watt | 53.5 Mhs | 200 Watt |
RTX 4090 | 53 500 Mhs | 295 Watt | 80.5 Mhs | 270 Watt |
These are not final data, and your actual experience may vary from the results in the table. Test your GPUs and share the results with the community!
How to overclock GPUs for FishHash?
Since the algorithm is memory-related, overclocking will primarily focus on the memory. Recommended overclocking settings for GPUs are provided in the table below:
Model | Core Clock Fix | Memory Clock | Hashrate | Consumption |
---|---|---|---|---|
RX 6700 XT | 1250 Mhs | +1075 Mhz Windows, 2150 Mhz Linux | 31 Mhs | 95 Watt |
RTX 3060 | 1250 Mhz | +1000 Mhz Windows, 2000 Mhz Linux | 31 Mhs | 110 Watt |
RTX 3070 | 1250 Mhz | +1100 Mhz Windows, 2200 Mhz Linux | 38 Mhs | 125 Watt |
RTX 3070 Ti | 1250 Mhz | +1250 Mhz Windows, 2500 Mhz Linux | 49.5 Mhs | 175 Watt |
RTX 3080 | 1250 Mhz | +1300 Mhz Windows, 2600 Mhz Linux | 65 Mhs | 215 Watt |
RTX 3090 Ti | 1250 Mhz | +1300 Mhz Windows, 2600 Mhz Linux | 85.5 Mhs | 310 Watt |
RTX 4070 | 850 Mhz | +1250 Mhz Windows, 2500 Mhz Linux | 35 Mhs | 105 Watt |
RTX 4070 Ti | 850 Mhz | +1250 Mhz Windows, 2500 Mhz Linux | 42 Mhs | 120 Watt |
RTX 7900 XT | 1250 Mhs | +1250 Mhz Windows, 2500 Mhz Linux | 55.5 Mhs | 180 Watt |
RTX 4080 | 850 Mhz | +1250 Mhz Windows, 2500 Mhz Linux | 53.5 Mhs | 200 Watt |
RTX 4090 | 850 Mhz | +1250 Mhz Windows, 2500 Mhz Linux | 80.5 Mhs | 270 Watt |
These are not final data, and your actual experience may vary from the results in the table. Test your GPUs and share the results with the community!