People always want to get the most out of their bitcoin mining rigs and rightly so. The difficulty levels of bitcoin algorithm are increasing daily and mining has become a competitive affair. Those who discover fresh blocks stand to gain the bitcoin network reward. In order to discover new blocks, the mining chips have to be able to generate enough processing power to break the encryption protocol to find the cryptographic nonce value for the new block. This processing power is supplied by custom built bitcoin mining application specific integrated circuits (ASICs).
There is always a constant struggle to optimize ASICs to generate more processing power while reducing the electricity consumption. By increasing the efficiency of hardware, bitcoin mining can be made more profitable. Most of the attempts at increasing the processing power are limited to designing better processor architecture. Now for the first time, a group of researchers from the University of Illinois has been involved in a research to improve the bitcoin mining process.
Approximate Bitcoin Mining Increases Miner Efficiency
Their research involves the implementation of Approximate Bitcoin Mining process to increase the efficiency of mining hardware by up to 30 percent. A team of three researchers – Matthew Vilim,