Cloud Hashing CEO on Hardware, Network Growth and the Threat of Pools
Cloud computing and crytpocurrency mining may have seemed like an odd combination back in the days of GPU, and later FPGA, bitcoin mining. The rise of ASICs for SHA-256 transaction processing on the Bitcoin network, however, meant that something had to give. That's where Cloud Hashing comes in: the company charges a per-gigahash contract fee that allows users to harness the company's own mining equipment. It's bitcoin mining in the cloud. Given the fact that mining equipment is loud and noisy, Cloud Hashing could easily be compared to any other type of 'heavy lifting' computational process....
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newsBTC has received an official press release from the folks over at GHash. IO regarding the on-going threat of the mining pool getting 51% or more of total network hashing power mere hours following the publication of a story indicating the pool had reached 42% network hashing power. "The pool has gained significant hashing power due to the 0% pool fee, merged mining of alt coins, excellent real-time data presentation as well as quality 24/7/365 support service," the statement reads. Hashing power on GHash. IO is made up of 45% BitFury ASIC miners and 55% independent miners, according to....
There's a lot of talk today about cloud hashing. It's a way for miners to, well, mine without having to make incredibly large investments in collocation facilities, hardware, electricity, and system upkeep. And it's incredibly popular. Just ask Newnote Financial Corporation, who recently sold out of their new 'Newnote Miners' cloud hashing service in a mere twelve hours. The company has announced today that they're ready for more action, adding a whopping 100 terahashes to its cloud hashing capacity, allowing even more clients to come on board with mining contracts. "The demand for....
Cryptocurrency mining has come a long way since Satoshi Nakamoto mined those very first Bitcoins using only CPU cycles. Background. The harnessing of graphic card GPUs pushed mining rates to Gigahashes per second, and recently, the development of ASICs made Terahash rates possible. Many miners either fell out of the race or were forced to form pools - combining their hashing power in order to mine profitably. So began the era of the mining pools, behind whose power to make or break small altcoins, lay a greater threat: the 51% Attack. More on that later. The sheer hashing difficulty and....
The majority of hashing power on Bitcoin network is concentrated among a handful of mining pools. The Bitcoin community has seldom expressed concerns about the gradual centralization of the Bitcoin network. Ever since ASICs became the norm for Bitcoin mining, it has become impractical for individuals and small groups to involve themselves in profitable mining. A recent article in one of the leading business magazine offers a brief insight into the current distribution of hashing power across large mining pools who have dominated the digital currency network. The publication lists 18....
Bitcoin mining company BitFury is looking to enter the cloud mining market. BitFury has given no indication as to when its proposed cloud mining offering would launch. However, it outlined how it would provide hardware to partners, only adding supply based on demand, rather than selling hashing power without limit. CEO Valery Vavilov told CoinDesk: "We are working on such a solution for the cloud market." The statements follow hints made by the BitFury CEO at the The North American Bitcoin Conference in Miami earlier this month, when Vavilov discussed the "opportunity" he saw in the....