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Developed ASIC miners for Ethereum mining (ETH) using Ethash algorithm

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The launch of the first batch of ASIC for mining Ethereum (ETH) is being prepared. It is known that the cryptocurrency of Vitalik Buterin is based on Ethash, the well-known Proof-of-Work (PoW) algorithm that is used in many other coins.

This algorithm uses two standard cryptographic algorithms SHA-3 and Keccak. On the one hand, this gives resistance to mining with the help of ASIC, on the other hand, it reduces the time of verification and execution.

Resistance to ASIC is guaranteed by an algorithm using a pseudo-random data set initialized in accordance with a variable block chain. This data set is called DAG (directional acyclic graph), it is updated every 30 thousand blocks (about 5 days). Despite this, several companies have managed to use ASICs to mine ETH .

Linzhi is a Shenzhen company founded in 2018 by Chen Minem, a former employee of Canaan Creative (Avalon bitcoin mining company). The startup, which received an investment of $ 4 million, is already working on this solution, although with a delay of about 9 months.

Initially, the first samples were supposed to appear in April 2019, the start of mass production in June.

“We underestimated the complexity of the chip and the time needed to develop the team and ensure the performance of the company.

We hope that in the future we will be able to move along the following schedule: in December 2019, experimental models of devices will appear, and in February 2020 we will launch them in mass production. ”

Now the company is preparing the first batch of 200 ASICs.

If ASICs are competitive, then after the start of mass production, the company will challenge the industry leaders Bitmain and InnoSilicon. The first specifications mention 1,400 megabytes per second (MG / s) at a rate of 1 kW / h.

In comparison, the InnoSilicon A10 has 450 MHz / s with an energy consumption of 850 W, while the NVIDIA GTX TitanV, one of the most powerful on the market, reaches only 656 MHz / s with a power consumption of about 2.1 kW / h (source f2pool ).

ASIC prices are still unknown, but Chen has developed a system of discounts on first orders for customers who purchase only a few devices, as they contribute to decentralization.

One of the main problems for the company that produces ASIC for Ethereum is the ProgPoW algorithm. This is the Proof-of-Work (PoW) Consensus Algorithm, ASIC Resistant. Its development is already underway, but without any specific deadlines.

Of course, he is unlikely to be ready for the next Ethereum Istanbul hard fork , scheduled for October 2019. The update will be divided into two parts: the first part, if there are no delays, will be introduced into the network in October and will include six changes to the protocol (EIP).

In addition, Ethereum is preparing to switch to the Proof-of-Stake algorithm , which will happen simultaneously with the launch of Casper. Switching to PoS will make any ASIC completely useless.

As the implementation of the Ethereum Foundation plans, the company will focus on ETC mining.

Publication date 09/13/2019
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Wells Fargo Banking Holding creates stablecoin pegged to US dollar

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U.S. financial giant Wells Fargo is working on a cryptocurrency pegged to the dollar. The company announced this in its press release .

According to the company, the future stablecoin will be used as part of its own blockchain platform. Its main focus will be cross-border payments between the company and its partners around the world. Moreover, other companies outside the US will be able to use cryptocurrency to complete transactions between themselves.

The decision to issue cryptocurrency in the company is explained by the need to reduce the cost of payments between different countries, as well as the acceleration of this process. The current mechanisms cannot be called bad, but they are already outdated: high commissions, terms of several days per transaction – all this cryptocurrency can leave in the past.

Wells Fargo assures that their stablecoin will provide almost instant payments, and the process of their implementation will become much simpler. Next year, the company will begin a pilot project during which the cryptocurrency will be tested in test mode. Initially, only dollars will be available for transfers, but in the future it is planned to add support for many other currencies.

Wells Fargo is not the first bank that intends to launch its cryptocurrency, but it is not only one of the largest banks in the world and in the USA, but also one of the most expensive companies in the world. The arrival of such a player will show other companies that without their own digital currencies and blockchain ecosystems, they will have nothing to do in this market.

Publication date 09/19/2019
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North Korea plans to launch its own cryptocurrency

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North Korea is creating a cryptocurrency with which the country will be able to avoid international sanctions.

It is assumed that the cryptocurrency development project is at an early stage. Its goal is the same as that of the Venezuelan project – last year the topic of developing the state’s national digital currency, Petro, was actively discussed. A cryptocurrency that does not yet have a name will be similar to the technology used by BTC or altoins. Currently, the team that is working on the project is studying products that could be tied to cryptocurrency. It is known that the payment instrument will not be exactly supported by the national currency of North Korea.

Experts believe that North Korea has enough opportunities and developments to present a good cryptocurrency. So, we can assume that the state will be able to improve its position in this way.

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The head of the SEC said when Bitcoin will appear on large traditional exchanges

Chairman of the US Securities and Exchange Commission (SEC) Jay Clayton said that bitcoin needs more regulation for listing on large exchanges. It is reported by CNBC. “If investors believe that Bitcoin pricing is as strict as on the Nasdaq or the New York Stock Exchange, then they are very mistaken. We must get to the point where we are sure […]

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Chairman of the US Securities and Exchange Commission (SEC) Jay Clayton said that bitcoin needs more regulation for listing on large exchanges. It is reported by CNBC .

“If investors believe that Bitcoin pricing is as strict as on the Nasdaq or the New York Stock Exchange, then they are very mistaken. We must get to the point where we are sure that trade is regulated correctly , ”he stressed.

We are talking about listing conditions for bitcoin itself, and not derivatives, such as CME futures.

Recall, Clayton said earlier that some progress on Bitcoin ETFs has been achieved. VanEck and SolidX have withdrawn their application.

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