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LyraREv2 is a cryptographic algorithm made for mining cryptocurrencies. Coins like Verge and Monacoin make use of it the most. It is nothing but a second version of the mining algorithm Lyra2RE. It ensures the network’s security and integrity by utilizing a variety of cryptographic hashes, such as the Blake, CubeHash, Lyra2, KECCA, BMW, etc.
Plenty of computations are carried out by miners employing the Lyra2rev2 algorithm with high-performance GPUs or CPUs if all the factors are at an equal pace.