AuroraCoin is a currency that has an independent value and does not depend on the banking system. Unlike traditional currencies, banks cannot create AuroraCoin at all. AuroraCoin has a fixed supply that supports the currency and does not create inflation.

The first goal is to disseminate to Icelandic citizens for use as an alternative payment option that could get around Iceland’s currency restrictions imposed after the 2008 financial crisis. The second goal is to ensure financial freedom around the world.

AuroraCoin works on multi POW algorithms – Scrypt and SHA-256.

The first announcement of the coin took place on March 3, 2014.

A brief overview of cryptocurrency

AuroraCoin is a decentralized cryptocurrency that is open source. It appeared on the market in early 2014 as a fork of another cryptocurrency – Litecoin.

Initially, the developers conceived AuroraCoin as the national Icelandic cryptocurrency and distributed it with all their might among the inhabitants of this country. It is being used as an alternative payment method that helps bypass the currency exchange restrictions imposed on Iceland after 2008 when the financial crisis hit.

In March 2016, the cryptocurrency was rebased to DigiByte, and several other algorithms were added to the script hashing algorithm: SHA256, Grøstl, Qubit, and Skein.

At the same time, some other parameters were changed, including the time to confirm one block was reduced to 61 seconds.

The symbol of the presented cryptocurrency is the Fe rune, which means constantly growing wealth.

AuroraCoin cryptocurrency storage

You can store coins on the official cold wallet created for the following operating systems:

• Windows;
• Linux;
• Mac.

You can also store coins on a web wallet. This type of wallet is more convenient than a cold one since there is no need to download, install or synchronize anything. But it also has several disadvantages: the site can be hacked, which means that coins can be stolen.

You can also store coins on a mobile wallet for the Android operating system. This type of wallet is also very convenient as it is almost always at hand. You can quickly and easily check your balance and find out the rate. Also, you can deposit or withdraw coins to an exchange or a cold wallet.

Plus, the developers have also made an application for the Google Chrome browser, in which you can also store all your AUR coins.

Buying AuroraCoin cryptocurrency

Currently, Auroracoin can be purchased on the following cryptocurrency exchanges:

• Bittrex;
• ISX;
• Cryptopia;
• Yobit.

The cryptocurrency cannot be bought with fiat. However, it is freely traded with the most popular digital currency Bitcoin.

Mining of AuroraCoin cryptocurrency

Even though AuroraCoin is based in Iceland and for the most part has applications in this country, it can be mined anywhere in the world.

The block reward is 25 AUR. The total issue is 21 million coins, but only eight million have been mined.

Initially, even solo miners could freely mine this cryptocurrency, but, over the years, it became more difficult to do this. So users began to unite in pools. A full list of them can be viewed on the official AuroraCoin website.

Before you start mining, it is recommended to use the script coin yield calculator.

Is it profitable to mine Auroracoin?

The coin is no different from many cryptocurrencies. Its main purpose is narrowly focused – it affects only 1 country. Although the developers are trying to enter the global market, Iceland is the priority.

With all this, there is a demand for the coin. It trades well, which means that there is interest in this crypto coin.

Social networks are very poorly conducted, which indicates a weak PR of the product company.

The initial price of this cryptocurrency was incredibly high and exceeded a million dollars, but then there was a sharp drop, and at the time of writing the review, its value hovers around 68 cents.

In general, the project still has a great chance of raising the rate. After all, AUR is an altcoin, which means that it still depends on Bitcoin. When it grows, Auroracoin can also bring big profits.

Despite the low rate, Auroracoin is a stablecoin with a good perspective, as the developers are constantly trying to improve it. Also, it finds its application in real life, which allows the total capitalization to grow, and, accordingly, the price.