The digital cryptocurrency Terracoin (abbreviated TRC) is starting to recover some of it’s value relative to Bitcoin after suffering a series of technical problems. Troubles for the coin began the weekend of April 6th-7th as the Terracoin developer applied a patch to fix a previously unknown exploit. Shortly afterward the profitability of mining the coin skyrocketed, attracting a never before seen level of hashpower.
At least one (possibly more) ASIC miner joined the game driving the coin’s difficulty to an unsustainable level. This high difficulty quickly led to a mass exodus from mining the coin as profitability plunged. The coin, which is suppose to process transactions via a block roughly every two minutes, began to see block times of as long as 12 hours. A handful TRC devotees held on and mined the coin through this high difficulty until another update could take effect.
However, multiple updates to the difficulty adjustment algorithm quickly became problematic. Terracoin experienced at least one and possibly more blockchain ‘forks’, where competing blockchains came into existence on different version of the TRC client. Users that had not updated their Terracoin client were left on one of the old forks, resulting in multiple problems with transferring coins.
Most users appear to have updated to the most recent version of the TRC client (build 0.1.3-33). If you’re a TRC user and haven’t yet updated your client it is mandatory that you do so in order to be able to effectively use the network (Download Link From Sourceforge). If you’re unsure as to whether or not your client is updated you might try checking which block number your client is on versus one of the following services:
TRC had been experiencing a slew of good news just prior to the development of these technical difficulties. Most notably cryptocurrency exchange BTC-e.com began trading TRC late last week. TRC was trading as high as .012 BTC / TRC at one point, which helped contribute to the high profitability of the coin (This was before this week’s BTC crash). During the uncertainty of the week the price of TRC dropped to near .001 BTC / TRC. At the time of this writing the price of TRC is experiencing a recovery, climbing back to around 0.0046 BTC / TRC.
Shortly after TRC began it’s recovery multiple coin mining pool Coinotron shut down it’s TRC mining citing a need to fix the difficulty algorithm. However, since this fix has been applied it appears that Coinotron’s TRC pool is back online. Additionally, TRC has seen a few new pools pop up:
The addition of these mining pools is good news for TRC which had previously been heavily reliant on Coinotron as one of the only mining pools.
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