- U.K. research firm brings Method B to stir up the Bitcoin Mining industry.
- Its forward-thinking approach helps to work on upcoming blocks.
U.K. research firm, QBT, is set to revolutionize the Bitcoin Mining industry; recently unveiled “Method B” provides 260% faster hash detection. Quantum Blockchain Technologies (QBT) created ripples across the mining realm with its newly unveiled strategy. It would help in hash rates and slash energy usage by 4.3%.
QBT Set to Revolutionize Bitcoin Mining Industry
QBT has been diving deep into mining and working on the SHA256 algorithm for the last two years. In this new method, the U.K. research firm utilized machine learning to predict blockchain movements better. This methodology allows for advanced block computations. Per the claims, it taps heavily into quantum computing, cryptographic enhancements, deep learning AI, ASIC, FPGA design, etc.
QBT’s chief Francesco Gardin spoke about the breakthrough with crypto media after filing for a U.K. patent. Gardin seems confident that the attained insights should surpass the current scenario of the Bitcoin Mining sector. He thanked the North American experts for their contributions to the research.
The patent reveals a unique strategy called “MSFCA” or “ASIC Enhanced Boost.” This would allow the miners to work on upcoming blocks before finishing the current ones, enhancing the mining power. QBT involves a forward-thinking approach to conserving both time and computing power, especially the applications related to ASICs.
What does “Method B” Solves?
With this latest breakthrough, QBT claims to solve the underlying problem of waiting for the next block. It should be noted that MSFCA does not boost the primary SHA256 computations; simply suggests some preemptive work, thereby optimizing energy and resources.
It tries to minimize the usage of specific ASIC components like the logic gates. Gardin says the innovation might circumvent the logic gates, shortening the circuit by 8%. Researchers point out that some extra gears would be required to make it function properly, but the footprint remains negligible.
Even if the tech faces a few hurdles, QBT seems bullish on MSFCA’s prospects. Method B runs a multitude of terahashes in a typical ten-minute block window. This method allows hunting for the winning hashes hiding in the block.
Combining machine learning with mathematical techniques allows it to carefully pick hashes from promising sectors and avoid redundant calculations.
How “Method B” Helps Bitcoin Miners?
QBT lab tests suggest that Method B finds and snipes winning hashes 260% faster than traditional methods, cutting energy usage by 4.3%. Bitcoin miners can significantly benefit the tech amidst the skyrocketing hash rates. At press time, the hash rate is 423.79 EH/s.
For an extended period, the mining community has been dealing with a trifecta of problems: increasing power prices, rising hash rates, and volatile BTC price. With Bitcoin halving in April 2024, the reward would be slash from 6.25 BTC to 3.125 BTC. BTC price may or may not increase but the hash rate and mining difficulty would surely rise.
In her research, the Head of Research at Blocksbridge, Wolfie Zhao, discusses the cost of mining 1 BTC. Currently, BTC miners spend around $10,000 to $15,000; this cost could jump to $20,000 to $30,000 after the halving. JPMorgan analysts claim it to be as high as $40,000.
With the current BTC price at $25,957.39, it is likely that miners might be in deep trouble if the price fails to be considerably above $30,000.