New computing technique could help make Bitcoin mining faster and greener

A new algorithm by computing scientists at the University of Alberta could be the very first action in decreasing the massive amounts of energy and computing power it requires to mine cryptocurrencies like Bitcoin.

“Each new Bitcoin transaction have to be validated in a approach termed Bitcoin mining—a computationally costly problem,” reported Md Solimul Chowdhury, lead writer of the research and PhD prospect in the Department of Computing Science.

“The computational issue of this activity usually means mining applications need to run for extensive several hours, occasionally even for times.“

The issue of mining new Bitcoin is part of what can make it the two scarce and valuable—currently valued at about C$thirteen,600 for each bitcoin.

Chowdhury defined that the electrical power wanted to complete the computation has a massive carbon footprint—a expanding issue for the Bitcoin mining business.

“The regular brute-power system of Bitcoin mining has a carbon footprint of between 22 and 22.9 megatonnes for each yr, on par with a huge town like Vienna or Las Vegas,” reported Chowdhury, who is researching below the supervision of computing scientists Martin Müller and Jia You.

“One opportunity remedy to this problem is to make the mining approach speedier.”

New remedy to a common problem

The researchers’ new system requires on a computational problem known as the Boolean satisfiability (SAT) problem, which is very well known in computing science and has purposes in components structure, program screening and encryption—and Bitcoin mining.

“Our algorithm, expSAT, was evaluated towards a series of tests to determine its strengths and what purposes it is finest suited for,” reported Chowdhury. “We observed that it performs incredibly very well at tackling SATCoin benchmarks, which correspond to Bitcoin mining problems—outperforming standard solvers in this screening circumstance.”

Chowdhury famous the algorithm is nonetheless in its early levels and will need extra investigation and tailoring before it can be employed in the business, but early effects are promising.

“The original good results of the expSAT tactic has been demonstrated in the most recent SAT competitors, SAT Race 2019, on a extensive vary of benchmarks. A single of our submitted solvers produced it to the major tier competing towards other point out-of-the-art methods,” he reported.

“This efficiency acquire with the SATCoin benchmark indicates that expSAT has the opportunity to come to be the subsequent point out-of-the-art system for Bitcoin mining by way of SATCoin, and in switch, likely decrease the carbon footprint for the Bitcoin mining business.”

Resource: University of Alberta