Astute readers of the site might remember the original story we did on Bitcoin mining in 2011, the good ole' days where the concept of the blockchain was new and exciting and mining Bitcoin on a GPU was still plenty viable.
However, that didn't last long, as the race for cash lead people to developing Application Specific Integrated Circuits (ASICs) dedicated solely to Bitcoin mining quickly while sipping power. Use of the expensive ASICs drove the difficulty of mining Bitcoin to the roof and killed any sort of chance of profitability from mere mortals mining cryptocurrency.
Cryptomining saw a resurgence in late 2013 with the popular adoption of alternate cryptocurrencies, specifically Litecoin which was based on the Scrypt algorithm instead of AES-256 like Bitcoin. This meant that the ASIC developed for mining Bitcoin were useless. This is also the period of time that many of you may remember as the "Dogecoin" era, my personal favorite cryptocurrency of all time.
Defenders of these new "altcoins" claimed that Scrypt was different enough that ASICs would never be developed for it, and GPU mining would remain viable for a larger portion of users. As it turns out, the promise of money always wins out, and we soon saw Scrypt ASICs. Once again, the market for GPU mining crashed.
That brings us to today, and what I am calling "Third-wave Cryptomining."
While the mass populous stopped caring about cryptocurrency as a whole, the dedicated group that was left continued to develop altcoins. These different currencies are based on various algorithms and other proofs of works (see technologies like Storj, which use the blockchain for a decentralized Dropbox-like service!).
As you may have predicted, for various reasons that might be difficult to historically quantify, there is another very popular cryptocurrency from this wave of development, Ethereum.
Ethereum is based on the Dagger-Hashimoto algorithm and has a whole host of different quirks that makes it different from other cryptocurrencies. We aren't here to get deep in the woods on the methods behind different blockchain implementations, but if you have some time check out the Ethereum White Paper. It's all very fascinating.
Subject: General Tech, Cases and Cooling, Systems | October 22, 2013 - 07:10 PM | Tim Verry
Tagged: seasonic, Power Supplies, mining, bitcoin, asic
Seasonic (Sea Sonic Electronics) has announced a design win that will see its power supplies used in HashFast’s bitcoin mining rigs. The upcoming HashFast mining rigs feature the company’s “Golden Nonce” ASIC(s) and all-in-one water coolers. HashFast has a single ASIC Baby Jet and multi-ASIC Sierra rig. Both units will be available December 15 starting at $2,250 and $6,300 respectively.
The Seasonic power supplies are high efficiency models with Japanese capacitors and at least 80 PLUS Bronze. On the high end, Seasonic has PSUs that are up to 93% efficient. HashFast stated that it chose Seasonic for its mining rigs because of the build quality and efficiency. The Baby Jet and Sierra mining rigs allow users to overclock the ASICs, and the systems can be rather demanding on PSUs.
The Golden Nonce ASIC is a 28nm chip that is rated at 400 GHash/s and 0.65 Watts per Gigahash.
Beyond that, the companies have not gone into specifics. It is good news for Seasonic, and should mean a stable system for bitcoin miners (the 93% efficiency rating is nice as well, as it means less wasted electricity and slightly more bitcoin mining profit).
The full press blast is below for reference.
Read more about Bitcoin @ PC Perspective!