Groestlcoin is a cryptocurrency designed for secure and anonymous worldwide payments that uses the Proof-of-Work approach to validation. It is not possible to mine GroestlCoin using ASIC machines and it’s thought to be unlikely that this will happen any time soon. That’s because Groestlcoin uses a decentralized platform that aims to be more democratic, by ensuring that anyone can mine it with only basic computer equipment. It’s an attempt to make mining fairer again after the rise of ASICs turned the mining of many other currencies into big business reserved only for the very rich.
Thanks to its clever algorithm, the Groestlcoin network uses a lot less energy, has stronger security, and gives miners better rewards than coins that use SHA256, Scrypt, X11 and X13. GPU mining can achieve better hashing while consuming less energy and producing less heat.
Groestlcoin is user-friendly and accessible to all. It was built on integrity and transparency. The name "Groestl" comes in part from an Austrian dish usually made of leftovers that Americans would call “hash”—a clear play on words.