Saturday, May 17, 2014

Mining as a service.

Mining as a service.
First off, this is not to be taken lightly in view of BTC or BITCOIN has reached a critical USD540 mark recently and those who were hogging it are really booming from this phenomena.
What is BITCOIN or any of the digital coins? Think of this as another form of currency, obtained digitally thru mining and Proof of Work and there is a limited supply of these coins about.
Anyone can create a currency and it's not so hard, but being accepted is another matter altogether. As time goes by, the stockpile of coins are reduced and the chain gets harder to mine.
As of today, after the launch of BITCOIN, the difficulty stands at 8.8+ Trilion and that goes up 8% every 14 days or so and at current rate, using a 1TH *(Tera Hash) miner which is the biggest in the market **(cos it takes 1000W of Power), it would take you about 500+ days to find a block worth 25 coins or so.
So, they work as a pool to mine and combine the compute capability to find the next block and everyone is given a fair share based on their computing grid.
In retrospect, 1TH or 1024GH consists of 40 or so ASIC chips and these are far faster than your GPU/VIDEO card. One GEFORCE 750M can throw up about 1.4MH and and i7 CPU about 2.5MH or so.
It all goes back to the basics of computing which is CISC or RISC process compute. Think of a Motorcycle can go faster in a short sprint than a huge truck.

I am now writing this in SHENZEN,CHINA where I hope I make the right decision in my R&D to rate and test this machine all together, but the other cryptos such as SHA256D which Bitcoin uses *(and I paid for) is far shorter than of SCRYPT, SCRYPT-N and the latest X-11 which the ASIC chip cannot handle. I may look into the possibility of R&D some X11 machine as I see a trick somewhere here. All I need now is a XEON Machine with 8 cores and Dual CPU to prove my theory right.

Lets see where it goes.

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