Cutting edge ASICS and challenges with pool centralization: Spondoolies CEO predictions at Inside Bitcoins Tel Aviv

Network Hash Rate Hash Rate A hash rate is the measure of a cryptocurrency miner’s performance and a key security metric. In the context of mining, the more hashing or computing power in a given network, the greater its security and its overall resistance to attackMining hashrate is a key security metric. The more hashing (computing) power in the network, the greater its security and its overall resistance to attack. Hash rate is also a measurement of the output of a device that is used to add transactions to a blockchain A hash rate is the measure of a cryptocurrency miner’s performance and a key security metric. In the context of mining, the more hashing or computing power in a given network, the greater its security and its overall resistance to attackMining hashrate is a key security metric. The more hashing (computing) power in the network, the greater its security and its overall resistance to attack. Hash rate is also a measurement of the output of a device that is used to add transactions to a blockchain Read this Term will continue to grow at a predictable pace over the next 12 months. But we are likely to see more eye-opening stories in the mining world. Such was the message of Guy Corem, CEO of Spondoolies Tech, a mining equipment startup. He presented his predictions in a talk at Inside Bitcoins Tel Aviv, held at the Kfar Maccabiah Convention Center during October 19-20.

On the evolution of application specific integrated circuits (ASICs), the current cutting edge 28 nm technology costs $0.40/GHs. Starting in Q1/Q2, the same ASIC will become $0.20/GHs, consuming 0.2 J/GH. Also by Q1, “home mining” will come to an end.

(1 kwh = 3.6 million J; 1 GHs = 1 billion hashes per second)

By Q3/Q4, the cutting edge will be fully custom 16/14 nm ASICs, costing less than $0.10/GHs and consuming less than 0.1 J/GH.

He expects the network hashrate to grow to 400 PHs (1 PHs = 1000 THs = 1 million GHs) by January 1, assuming prices continue to hover around $400/BTC. By July 1^st, it will be 1 EHs and by January 1^st, 2016, 2 EHs- consistent with Moore’s Law. (1 EHs = 1 PHs).

The centralization of mining pools will continue to be a challenge, and GHash.io will “unfortunately” become 1^st again. During question period, he added that a 51% attack remains unlikely.

BitFury will reveal their pool and remain in 2^nd. Over the past few months, BitFury has put together an incredibly large and efficient operation, securing record funding along the way. There is sentiment that they will try to go public during the next year.

Discus Fish will be 3^rd or 4^th, and P2Pool will grow to 5-10% of the total hashrate.

With the advent of mining contracts, there will be a push toward “proof of hardware” by their providers, analogous the evolution of “proof of solvency” in Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term exchanges. At least one big cloud mining provider will be revealed as a Ponzi scheme.

In terms of innovation, we’ll likely see the leveraging of mining ASIC development for technologies even outside the crypto world. We will also see advances in cooling technology and possibly “zero-cost electricity”.