Bitcoin mining hardware could increase mining profits by 30%

New Bitcoin mining hardware could increase mining profits by 30%, claims Indian scientist Rakesh Kumar. The core concept of the machine works by exploiting the limitations of existing mining equipment by detecting false positives and mitigating error propagation. Mining Bitcoin requires a lot of electricity and computing power. Leading mining companies and miners often use expensive mining hardware such as ASIC (Application Specific Integrated Circuit) chips to mine transaction blocks. Bitcoin mining difficulty is increasing, however, in the past few months, the difficulty of mining on the Bitcoin network has soared, making it more difficult to profit from Bitcoin mining using expensive mining equipment and complex mining infrastructure.

Recently, the difficulty of Bitcoin mining reached 163491654908.95925903, which is 13.44% higher than the previous record. In this way, compared with the lowest difficulty in January 2009, the difficulty of mining Bitcoin blocks has reached 163 billion times.

As the difficulty of Bitcoin mining continues to increase, and the competition created by the Bitcoin mining community, miners have begun to struggle to keep up with the big players in the industry, who have set up operations in cold regions, including Iceland and Georgia. Since these mining companies use the colder temperatures in their regions to naturally cool their mining equipment, they have a clear advantage over other mining companies and mining companies in warmer regions such as Asia and South America. Back in February, a group of scientists and researchers led by Indian scientist Rakesh Kumar, recognized this Bitcoin mining problem and proposed a new Bitcoin mining hardware called "approximate hardware."

According to Kumar’s report, the machine improves the Bitcoin mining process and has the potential to increase mining profits by 30%.

“We exploit this inherent tolerance by proposing approximate mining circuits that are inaccurate, swapping out areas and delays. These circuits can then operate at better-than-worst-case conditions (BTWC) to guarantee future profits. Our results suggest that this approximation has the potential to increase mining profits by 30%,” the report reads.

The core concept of the machine is to work by exploiting the limitations of existing mining equipment by detecting false positives and mitigating error propagation. Such efficiency in the mining process makes it possible for miners to maximize their profits.

“Bitcoin mining is a good example of an application of approximation methods, as its approximate parallelism reduces propagation errors and a built-in verification system detects any false positives. In addition, we have identified adders as a more beneficial choice for hash core mining ASICs. However, not all approximate adders yield increased profits. Profits are generated by adders that minimize the maximum at the expense of area and latency of the approximate adder, and they are selected on a case-by-case basis. In addition, profits can be improved by operating hash cores above their rated frequency when the worst-case (BTWC) operating point is improved,” the report reads.