Monday, 2 October 2023

Crypto Mining News

Bitcoin mining researchers claim new tech ups winning hash chance by 260%

Bitcoin mining researchers claim new tech ups winning hash chance by 260%

Quantum Blockchain Technologies (QBT), a research company based in the United Kingdom, has developed artificial intelligence-powered algorithms that could significantly increase the mining winning probability of certain ASIC Bitcoin (BTC) miners, CEO Francesco Gardin said in an interview with Cointelegraph.

Speaking exclusively to Cointelegraph, Gardin unpacked how Quantum Blockchain Technologies (QBT) has incorporated AI to enable the smart search of winning hashes as an alternative to conventional random searches.

In the space of two years, the company has developed a number of different patented methods by tapping into the expertise of some twenty experts from the fields of quantum computing, machine learning, cryptography, ASIC chips design and algorithm optimization theory.

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QBT’s machine learning teams have developed two different algorithmic search methods which reportedly improve performance of ASIC miners by increasing efficiency and winning result probabilities.

“Method A” is said to improve miner efficiency by 10% while “Method B” is set to improve the probability of a miner finding a winning has by 260%.

Gardin said that the company is looking to explore three specific areas, starting with a short term target of increasing mining performance of existing commercial ASIC chips by adding a software AI component running on a mining rig.

The team is also designing a new architecture for ASIC mining chips to optimize Bitcoin mining, which it detailed in a recent patent application.

Meanwhile QBT has a long term goal of using quantum computers to mine Bitcoin using an in-development SHA-256 computation method that can operate on quantum computing systems.

QBT announced a patent application in July 2023 for the latter, outlining its architectural change to Bitcoin mining ASIC chips which it claims pre-processes data used by future blocks on the Bitcoin blockchain.

Gardin said the QBT Message Scheduling for Cryptographic Hashing ASIC (MSFCA) is able to perform pre-calculations of future BTC blocks before the current block is closed. The “anticipatory resource efficiency algorithm” reduces logic gates of SHA-256 ASIC architecture.

Logic gates are software or hardware devices that carry out logical operations. According to Gardin, MSFCA allows miners to use less logic gates, lowering energy costs and improving efficiency of ASIC mining hardware.

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