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Bitmain re-opens its mining quest with AsicBoost; an attempt at acquiring more control?

Priyamvada Singh

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Bitmain re-opens its mining quest with AsicBoost; an attempt at acquiring more control?
Source: Pixabay

On 7th September, Calvin Ayre’s online portal CoinGeek brought into public notice the news that Antpool recently used AsicBoost to mine Bitcoin [BTC]. Antpool is a cryptocurrency mining pool run by the Chinese mining giant, Bitmain. Block #540032 was mined by AntPool on 5th September with the AsicBoost version known as 0x2000e000, according to AsicBoost Block Explorer.

The majority of blocks mined by AsicBoost were observed to be SlushPool, OKPool, F2Pool, Poolin and BitClub with different versions of the miner.

AsicBoost mining pools | Source: asicboost.dance

AsicBoost mining pools | Source: asicboost.dance

Mining with AsicBoost is highly controversial as the software exploits the proof-of-work [PoW] algorithm and helps the miner save up to 30% of the energy cost, leading a possibility of an attack on the network. This was stated by a technologist named Greg Maxwell in an email, where he explained the fallbacks of AsicBoost.

In a Medium blog written under the author name, WhalePanda, it was explained that Bitmain refused the activation of SegWit last year, as it was not compatible with AsicBoost. However, Jihan Wu was ready for a hard-fork instead of a soft-fork, despite it being a much safer option due to the same reason. Furthermore, it was reported that the patent for the miner was registered under Bitmain.

As the news of Bitmain using AsicBoost broke out, Samson Mow, the Chief Strategy Officer of the blockchain firm Blocksteam shared a public tweet on the subject. He stated that the reason for the sudden urge of Bitmain to use AsicBoost could be due to its upcoming IPO and worn off mining hardware. In his words:

“Why is Bitmain starting to mine with #AsicBoost now all of a sudden? Their hardware is getting obsolete and they need to squeeze as much out of it as possible. Need to try to look good for the IPO! #BitmainIPO”

CryptoFruit, a cryptocurrency and blockchain space follower inquired and wrote:



“How you know they started mine with asciboost?”

Here, Nicolas, another Twitter user and blockchain enthusiast responded:

“Because block 540032 was mined by Antpool using overt AsicBoost :)”

In the Bitcoin mining scenario, Bitmain Technologies is emerging as a huge threat to the ecosystem. This is because the mining company has already acquired a hash power of above 40%. If the party reaches a hashrate greater than 50%, it could charge an attack on the Bitcoin network.





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Priyamvada is a full-time journalist at AMBCrypto. A graduate in Journalism & Communication from Manipal University, she believes blockchain technology to be a revolutionary tool in advancing the future. Currently, she holds no value in cryptocurrencies.

Altcoins

EOS, Tron [TRX] and Ethereum [ETH] are top three cryptocurrencies, says China’s CCID Group

Akash Anand

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EOS, Tron [TRX] and Ethereum [ETH] adjudged top three cryptocurrencies by China's CCID Group
Source: Pixabay

Analysis of the cryptocurrency market by various global entities has been a standard procedure for a lot of organizations to keep track of the updates and developments in the field. One such major analyst is China’s CCID Group, which works under the Xi Jinping-led country’s Ministry of Industry & IT [MIIT].

In the latest edition of CCID’s Global Public Blockchain Technology Assessment Index, it was stated that EOS retained its title as the best cryptocurrency according to three factors assigned by CCID. The three factors were basic technology, applicability, and creativity, criteria that are aimed at assessing the most effective digital assets in the market right now.

In terms of basic technology, EOS scored a whopping 103.7, making it the only cryptocurrency to breach the 100-mark. It received a score of 20.2 and 24.7 when it came to applicability and creativity, respectively. The surprising result of this assessment was that Bitcoin [BTC], the largest cryptocurrency on the charts, did not even feature in the top-10 of the CCID rankings.

According to the analysis, Tron came in second with a Basic tech score of 95.6 and an applicability score of 24.3. Tron CEO Justin Sun had stated multiple times that EOS and Ethereum were Tron’s biggest competitors, but it turns out that it had the lowest creativity score among the three, clocking 24.1 to Ethereum’s 31.0.



The third-ranked cryptocurrency was Ethereum [ETH], sticking to the trend as all the three cryptocurrencies were focusing on DApps. Despite being third in the rankings, Ethereum had the lowest basic tech score, with its 76.6 being lower than that of relatively smaller coins like Steem and Ontology.

There seem to be some connection with DApps and the CCID rankings as these applications slowly entered the main fore in the cryptocurrency environment. Sources informed that Tron DApps had recently surpassed that of Ethereum and EOS in terms of weekly active and new users.





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