With the introduction of Bitcoin in January 2009, early miners had to use their PC CPU's for the task. It became obvious very quickly that the power and cooling cost of running the computer quickly exceeded the value of Bitcoin blocks
generated.
In the first 5 years of Bitcoin, an evolution took place, run mostly by enthusiasts supporting the idea of a different kind and independent currency, rather than cryptology- or computation specialists.
At first, GPU chips on available graphics cards were utilized, as they provide a higher efficiency than CPU's for the hashing tasks. Special-purpose computers (“mining rigs”) were created using GPU components, but typically stayed
well under 1 Gigahash in computing performance – for a significant investment in initial hardware, and substantial operating cost in power and cooling.
Next, special-purpose hardware in the form of FPGA boards (ASIC precursor) were designed and used – however, the technology knowledge required for FPGA boards li...
With the introduction of Bitcoin in January 2009, early miners had to use their PC CPU's for the task. It became obvious very quickly that the power and cooling cost of running the computer quickly exceeded the value of Bitcoin blocks
generated.
In the first 5 years of Bitcoin, an evolution took place, run mostly by enthusiasts supporting the idea of a different kind and independent currency, rather than cryptology- or computation specialists.
At first, GPU chips on available graphics cards were utilized, as they provide a higher efficiency than CPU's for the hashing tasks. Special-purpose computers (“mining rigs”) were created using GPU components, but typically stayed
well under 1 Gigahash in computing performance – for a significant investment in initial hardware, and substantial operating cost in power and cooling.
Next, special-purpose hardware in the form of FPGA boards (ASIC precursor) were designed and used – however, the technology knowledge required for FPGA boards limits the availability to a much smaller subset of the mining community: in turn, it created a new market for the makers of such technology to sell the boards to other miners, rather then use them for their own mining only.
In 2013, special-purpose ASICs were introduced – further limiting access to hashing to a few with the necessary knowledge, access to manufacturers, and capital. Only a hand-full of companies have access to all three, and either resell the ASICs in special-purpose computers, or sell ASIC mining capabilities as a service.
Now Blockchain Industries with access to all necessary components and knowledge is able to offer a Blockchain-as-a-Service Platform to multiple Industries, addressing a market of 3.1 tn $ by 2030.
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Nicolas Heyer
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Nicolas Heyer CEO I am a Deep Tech Entrepreneur & Ex-Googler with a very diverse background from being a pilot, engineer, SalesPro, Innovation Scout & CEO.