Approximate Hardware Design and Bigger Bitcoin Mining Profits
Mining a block is difficult. The SHA-256 hash of the block header must be less than/equal to the target for the block to be accepted. The inherent probability of performing the tasks that yield the correct hash is very low. Research led by Dr. Rakesh Kumar at the University of Illinois at Urbana-Champaign addresses how approximate hardware might be used to reduce the difficulty and improve results of bitcoin mining. CCN spoke to Dr. Kumar to learn more about this ground-breaking research. In mathematics and the sciences, approximation means that something is similar but not precisely equal....
Related News
Approximate Bitcoin Mining process devised by University of Illinois researchers is slated to improve the mining process by about 30 percent. People always want to get the most out of their bitcoin mining rigs and rightly so. The difficulty levels of bitcoin algorithm are increasing daily and mining has become a competitive affair. Those who discover fresh blocks stand to gain the bitcoin network reward. In order to discover new blocks, the mining chips have to be able to generate enough processing power to break the encryption protocol to find the cryptographic nonce value for the new....
Bitcoin mining continues to be a popular, albeit contentious topic. On one hand, the mining process is conducted via a distributed network, which gives it a lack of centralized control. Yet on the other, the ASIC hardware required to perform the SHA-256 hashing needed for the Bitcoin protocol is becoming increasingly expensive. Let's take a look at the mining news stories that have made headlines in recent weeks: Dreaming in bitcoin. Bloomberg BusinessWeek's cover story for 13th Jan. Source: Mashable. In what may be the highest-profile piece on bitcoin mining to date, BusinessWeek's recent....
The US-based Bitcoin mining giant MegaBigPower has announced on its official website (www.megabigpower.com) that it will launch a buyback program where unprofitable Bitcoin miners can sell their hardware. The company plans to boost its mining power by as much as 10 megawatts by buying pre-owned ASICs. Under the buyback program, the manufacturer of cutting edge mining hardware will be particularly interested in models sold by mining manufacturers Spondoolies-Tech and Bitmain. The buyback was a simple alternative for the miners who were struggling to make profits in the extremely competitive....
Mining hardware manufacturer Advanced Mining Technology, Inc. (AMT) is the latest to face a class-action lawsuit from customers alleging products were not delivered on time, according to a report in the Delaware County Daily Times. There are concerns lawsuits could soon become more common in this field, in which small startup companies race to design and build cutting-edge and specialist hardware, dealing with processes that can challenge even large chip manufacturers. Just over a week ago, a Texas judge granted a court order to 'freeze' the bitcoin wallets of another ASIC mining....
Data shows GPU prices have continued to go down recently as Ethereum mining profits have been observing a decline. GPU Prices Plunge As Demand From Ethereum Miners Fades Data from the tech outlet Tom’s Hardware suggests graphics cards prices continued their drawdown in June as they plummeted another 14%. Back in 2020, owing to a […]