Artificial Intelligence (AI) is proving to be a powerful weapon for bitcoin mining. A groundbreaking discovery from UK researchers at Quantum Blockchain Technologies has shed light on an innovative method that uses AI to predict future Bitcoin blocks.
This approach allowed increase chance of reward by 260%thus opening a new era for the mining of cryptocurrencies thanks to artificial intelligence.
AI is revolutionizing Bitcoin mining
UK-based Quantum Blockchain Technologies (QBT) has taken a step forward in Bitcoin mining by developing the Message Scheduling For Cryptographic Hashing (MSFCA) method. This innovation could revolutionize the way miners process Bitcoin transactions.
Francesco Gardin, CEO of QBT, described the MSFCA as a “radical transformation” capable of altering the “fundamental paradigm of the BTC blockchain”.
According to Gardin, this innovative method, enhanced by artificial intelligence, could potentially increase by 260% the probability of obtaining a reward while mining.
How does MSFCA improve Bitcoin mining?
Traditionally, Bitcoin mining, which involves solving complex mathematical problems to add a new transaction block to the Bitcoin blockchain, is sequential. Indeed, a new block can only be approached once the current block is finished.
The MSFCA overturns this constraint by allowing miners to perform preliminary calculations for the next block even before the current block is fully processed. This anticipation drastically reduces the demand for computational resources and energy.
Thanks to a unique asynchronous approach, the MSFCA does not aim to directly accelerate the SHA-256 calculations of Bitcoin mining. Instead, it facilitates pre-processing or advanced computation, allowing more SHA-256 calculations to be performed on a single chip. thus speeding up the entire mining process.
To implement this method, it is necessary to use ASIC chips, commonly used in Bitcoin mining machines. QBT believes that the use of the MSFCA could reduce ASIC chip area used by approximately 8%thus decreasing the space required for the logic gates performing the calculations.
Research and development at QBT
Earlier this year, QBT recruited Dr. Lov Kumar Grover, known for developing the iconic “Grover’s Algorithm” at AT&T Bell Labs. This algorithm is central to Bitcoin mining, and Dr. Grover’s expertise in quantum theory and optimization makes QBT increasingly confident in refining his algorithm.
Despite some current technological limitations, such as memory chip throughputQBT’s innovative method could be a game-changer in Bitcoin mining.
To top it off, Francesco Gardin mentioned that the company is exploring different strategies to introduce their solutions to the Bitcoin mining market, including through subscriptions, licensesjoint ventures or even the direct acquisition of the company and its technologies.
Source : Cointelegraph