ViaBTC’s seventh Anniversary: The Evolution of Crypto MiningMay 17, 2023
On January 3, 2009, Satoshi Nakamoto mined the Genesis Block on a small server in Helsinki, Finland, and obtained a reward of fifty bitcoins, which marks the start of crypto mining.
From CPU to ASIC
In Satoshi Nakamoto’s preliminary imaginative and prescient, BTC mining could possibly be carried out utilizing CPUs put in on PCs. Throughout its infancy, Bitcoin remained obscure and provided no worth.
It wasn’t till 2010 when Bitcoin fanatic Laszlo Hanyecz argued that GPUs may carry out extra computations per second than CPUs and tried to make use of GPUs for mining, and he was appropriate. After Hanyecz shared his GPU mining code with the group, Bitcoin noticed its first hashrate surge by 20,000 instances, from 6 MH/s in January 2010 to 120 GH/s in December 2010.
What’s fascinating is that Hanyecz, who launched GPU mining, was additionally the one who began Bitcoin Pizza Day. Hanyecz earned loads of bitcoins by means of the GPU mining method he invented and spared no efforts to advertise the crypto. As an illustration, the man purchased two pizzas with 10,000 BTC, giving actual worth to the brand new forex for the primary time.
The looks of GPU mining and the surging BTC value led to a mining arms race, and miners had been continually looking for new methods to enhance their hashrate. In 2011, somebody shared the code of FPGA mining machines on GitHub, which began a brand new period dominated by specialised mining rigs. In 2011, the Bitcoin hashrate rose from 116 GH/s in the beginning of the 12 months to almost 30 TH/s on the finish of the 12 months, an almost 300X development.
2012 noticed the beginning of ASIC mining machines, that are superior fashions, and the Bitcoin hashrate skyrocketed from 20 TH/s to 12 PH/s, a rise of 600 instances. Since then, ASIC fashions have changed CPUs, GPUs, and FPGA machines because the mainstream BTC mining machine.
From Solo Mining to Pool Mining
The rising hashrate raised new considerations — Is bitcoin mining nonetheless worthwhile as an increasing number of miners be a part of the enterprise? Upon realizing the restrictions of solo mining, Czech programmer Marek Palatinus discovered an answer: unite BTC miners, pool the assets, and share the income. In 2010, Marek began slushpool, the world’s first mining pool. Since then, BTC mining has regularly transitioned from solo mining to pool mining.
Though mining swimming pools collect numerous miners, miners aren’t at all times tied to 1 pool, which has led to the sudden rise and fall of many swimming pools. As an illustration, in 2013, GHash.IO attracted loads of miners with its zero-fee coverage. By 2014, the pool’s peak hashrate had even surpassed 51%, elevating considerations within the Bitcoin group. Nevertheless, this large pool ultimately shut down in 2016 as a result of repeated large-scale DoS assaults.
Clearly, mining swimming pools demand robust technical capability. Within the early days, many swimming pools underestimated the technical necessities of the business. In consequence, they suffered assaults and ultimately shut down, similar to GHash.IO.
Having realized the immature applied sciences and merchandise within the pool business, Haipo Yang, an early Bitcoin builder, determined to construct a stabler and extra environment friendly pool to empower BTC mining, a key channel for sustaining the traditional operations of the community. In simply two months, he independently accomplished the coding of ViaBTC Pool, which formally went dwell on June 5, 2016.
ViaBTC Using the Waves
Born in a time of fierce competitors, ViaBTC has remained a prime participant by way of hashrate, because of its secure applied sciences, modern merchandise, and satisfying consumer experiences.
Shortly after its launch, ViaBTC invented the PPS+ fee technique based mostly on the traditional PPS and PPLNS strategies. This new method ensures secure mining income whereas sharing miner charges, permitting ViaBTC miners to earn extra cash than their friends in different swimming pools. Afterward, mainstream swimming pools began to embrace the PPS+ fee technique. ViaBTC’s invention of PPS+ has catalyzed modifications in business guidelines and introduced larger and stabler mining income to miners.
At ViaBTC, know-how is at all times a precedence. As an illustration, the pool optimized the broadcasting and transmitting technique of the BTC community by means of its independently developed BTC consumer. Due to its high-speed block updating networks distributed all over the world, miners can uncover and broadcast new blocks extra shortly. Moreover, these efforts have lowered the orphan price, ensured secure mining income, and improved the working effectivity of the community. To this point, ViaBTC stays the mining pool with the bottom orphan price.
Through the years, ViaBTC has additionally launched a variety of capabilities and instruments, together with the Transaction Accelerator, Auto Conversion, Sensible Mining, Hedging Service, Crypto Loans, Hashrate Fluctuation Notification, Income Sharing, and Referral Fee, to supply customers with quicker, stabler, and extra profitable mining and spinoff companies.
Wanting again on the previous seven years, ViaBTC has seen the ups and downs of crypto mining. GHash.IO is only one of many swimming pools introduced down by community assaults. Furthermore, there are additionally swimming pools harm by disrupted money flows, in addition to swimming pools deserted by miners as a result of unstable block output. ViaBTC, however, has remained dedicated to merchandise and know-how, with a concentrate on customers. These efforts have paid off because it turns into one of many few crypto firms to have a good time its seventh anniversary.
ViaBTC now supplies mining companies for a couple of million customers in over 130 international locations and areas, overlaying 10+ cryptos that embrace BTC and LTC. Furthermore, the pool is a prime participant by way of the mining hashrate of cryptos together with BTC and LTC, with multi-billion greenback price of cumulative mining output.
Going ahead, ViaBTC will proceed to supply skilled, environment friendly, safe, and secure crypto mining companies for miners, whereas growing complete, dependable, safe, and satisfying crypto merchandise by means of devoted efforts. On the identical time, ViaBTC will drive the progress of the mining business to witness the brand new blockchain future along with its customers.
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