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Bitcoin [BTC]: Idea of ASIC was not on anybody’s mind when Bitcoin was being built, says Antonopoulos

Priya

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Bitcoin [BTC]: Idea of ASIC was not on anybody's mind when Bitcoin was being built, says Antonopoulos
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Andreas Antonopoulos, the author of Mastering Bitcoin, spoke about why the nonce was so small in the Bitcoin blockchain, i.e., 32-bit, considering that 32-bits produces only 4 billion combinations, during the latest Bitcoin Q&A episode on YouTube.

According to Bitcoin Wiki, a Nonce refers to,

“a 32-bit [4-byte] field whose value is adjusted by miners so that the hash of the block will be less than or equal to the current target of the network. The rest of the fields may not be changed, as they have a defined meaning.”

The author stated that during the inception of Bitcoin, the idea of ASIC was not considered by anybody. The idea that the ASIC industry would successfully drive a profitable industry, create an entire manufacturing sector and also result in people using “cutting-edge silicon manufacturing just to compete” was not imagined, added Antonopoulos.



“[…] So, 32 bits seemed like enough. It obviously wasn’t. Because of the difficulty of changing the block header format that would require hard fork, it would be a very controversial hard fork and because of that we’re stuck with 32 bits so miners go elsewhere to find entropy, the ability to inject entropy into the header […]”

This was followed by the author stating that not all positions in the header were equal, adding that there was a “particular quirk” in SHA-256 algorithm that allows for optimization called ASIC boost. He stated that ASIC boost allows miners to calculate a midstate, which is an efficient calculation of the SHA-256 of the header in a way that it reduces energy consumption by about 20 percent. He stated that a majority of this was completed by making changes to the Merkel tree in the block header and some by making changes to the Coinbase.

[…] there’s covert ASIC boosts and overt ASIC boost and it depends on which part of the header you’re changing because you can’t do it everywhere you have to do it in a specific part of the header. so that’s why the coinbase header is used, that’s why end time rolling is used and that’s why the transactions are reordered in order to shuffle the Merkel route of the transaction Merkel tree […]”





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Priya is a full-time member of the reporting team at AMBCrypto. She is a finance major with one year of writing experience. She has not held any value in Bitcoin or other currencies.

Bitcoin

Bitcoin surges by ~7% in under an hour; Has the rally finished correcting?

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Bitcoin surges by ~7% in under an hour; Has the rally finished correcting?
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Bitcoin’s price rally in a parabolic curve led most of the community to believe that this was the bull rally, however, the correction of this surge was due, which began on May 16.

The correction wave, as expected by many prominent traders was approximately 30-40%, which would put the price of Bitcoin $5,000 to $5,800. However, the correction seems to have finished as the price of Bitcoin surged by more than 7% in less than an hour.

Source: TradingView

The market cap of Bitcoin, at press time, was $136 billion and most the volume for Bitcoin was coming from BitMEX exchange via trading BTC/USD derivatives. BitMEX contributed a total of $3.38 billion in terms of trading volume, which is 12% of the total trading volume.



A Twitter user @DoveyWan suggested a head and shoulder pattern for Bitcoin:

CNBC suggested something similar, however, the pattern doesn’t seem to be holding. A Twitter user @thecryptomonk, tweeted:





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