Thursday, 28 September 2023

Crypto Mining News

AI mining method for Bitcoin rockets reward chance 260% by calculating future blocks

AI mining method for Bitcoin rockets reward chance 260% by calculating future blocks

In a notable breakthrough in Bitcoin mining, UK-based Quantum Blockchain Technologies (QBT) has developed a highly promising computing method, the Message Scheduling For Cryptographic Hashing (MSFCA), designed to make Bitcoin mining significantly more efficient.

The CEO of QBT, Francesco Gardin, defined MSFCA, in its July patent application, as a “radical change” that disrupts the “fundamental BTC blockchain paradigm.”

“The new concept behind this idea disrupts, under special conditions, a fundamental BTC blockchain paradigm; computation for future blocks can take place before the previous block is mined. This is quite a radical change of the paradigm.”

As reported in a recent interview with CoinTelegraph, Gardin asserted that the firm’s innovative technology, backed by artificial intelligence, potentially offers a 260% increase in mining reward probability.

Bitcoin mining, the process of solving complex mathematical problems to add a new block of transactions to the Bitcoin blockchain, faces the constraint that each new block cannot be attempted until the current one is completed.

The novel MSFCA method, for which QBT submitted a patent application in the UK in July of this year, breaks this sequential barrier. It allows miners to perform preliminary calculations for the next block even before the current one is fully processed, reducing the need for computational resources and energy costs.

With a unique asynchronous approach, the MSFCA doesn’t speed up the SHA-256 calculations involved in Bitcoin mining. Instead, it facilitates pre-processing or advanced computation, enabling more SHA-256 calculations on the same chip, thus accelerating the overall mining process. The implementation of MSFCA requires ASIC computer chips used in standard Bitcoin mining machines. However,  QBT believes “a feasible modification of the current SHA-256 proprietary implementation being developed by QBT” is achievable.

According to the company’s estimates, the utilization of MSFCA could shrink the area of the ASIC chip used by about 8%, thereby reducing the space required for the logical gates performing the calculations. The patent application states,

“In terms of SHA-256 ASIC chip areas, the projected potential saving would be in the region of 25% for one instance of SHA256 out of the three instances involved in Bitcoin mining.

However, because of other well-known optimisation techniques, the effective potential area saving of MSFCA is estimated by the…

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