Category Archives: Bitfury

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Bahrain Kicks Off Country’s First Blockchain Academy

The Bahrain Institute of Banking and Finance (BIBF) has released a statement in which it has announced the tiny Arab nation’s first-ever “Blockchain Academy”.

Under the umbrella of the Specific Council for Vocational Training, BIBF is a non-profit and semi-government setup dedicated to training people in the financial sector. Setting up the academy would allow the institute to train and create experts in the decentralized field. The institute has also partnered with Dubai’s MyLearning Key to offer a world-class Certified Blockchain Professional (C|BP) qualification.

The certification is a three-pronged approach to blockchain technology, designed for rapid and thorough implementation of key steps in making the technology available to the industry: development, execution and strategization. According to Dr Ahmed Al Shaikh, the director at BIBF, the C|BP qualification is designed to “support the growing demand for skilled blockchain professionals”.

Bahrain is fast tracking itself to adopt and adapt the decentralized technology. Only a couple of months ago, the government acknowledged the importance of technology for the economy of the Arab nation. Even the Minister of Electricity and Water Affairs, Abdulhussain Mirza, supported the use of the technology, saying, “Technologies such as blockchain take us a huge step forward in finding a secure way to facilitate transactions.”

Bahrain is not the only country that is offering blockchain technology related qualifications. Plekhanov Russian University of Economics, in partnership with blockchain firm Bitfury, has created a blockchain accelerator program that includes educational modules. It hopes to train”specialists who are able to create innovative projects using digital technologies in a short time”.

University of Tokyo is also launching a blockchain-based course that will focus on decentralized solutions and implementation.

 

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BitFury Completes Coup with Appointment of Former SEC Commissioner in Director Role

Leading full-service blockchain technology company Bitfury has announced the addition of two key members to its Board of Directors. With the addition of co-founder of Korelya Capital, Antoine Dresch, and Annette Nazareth, a former staff of the US Securities and Exchange Commission (SEC) to the company, Bitfury is gaining essential experience in the right areas.

In the current climate, the latter’s appointment must be seen as a significant bonus on its own. Nazareth is an American attorney who served as a Commissioner of the SEC from 4 August 2005 to 31 January 2008.

Nazareth has also been Senior Counsel to former SEC Chairman Arthur Levitt and served briefly as the Interim Director of the Division of Investment Management. She then served as SEC Director of the Division of Market Regulation from March 1999 to August 2005. As Director, she had primary responsibility for the supervision and regulation of the US securities markets.

With this track record, she brings a valuable insight into the workings of current financial markets, also giving Bitfury an essential regulatory barometer with her comprehensive knowledge on the inside workings of the SEC.

Dresch joins Valery Vavilov, George Kikvadze, Bob Dykes, and Bill Tai as a voting board member at the company. With over 20 years in investment banking and positions at Goldman Sachs, UBS, and Morgan Stanley and as founder of DDMA advising media and internet investors in Europe, his profile adds further credentials to Bitfury moving forward.

“Antoine’s years of experience in investment banking and mergers and acquisitions will be valuable assets as Bitfury continues to grow. Annette will serve in a different capacity; as a trusted advisor, she will help guide and support Bitfury by offering her comprehensive knowledge of financial markets and regulation.”

 

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Bitfury Clarke “Most Efficient” 14 nm Bitcoin Mining Chip

Bitfury has released a mining chip called the Bitfury Clarke, which it claims is the most powerful and efficient Bitcoin mining chip ever released. This is quite surprising since the Bitfury Clarke is 14 nm, while some Bitcoin mining chips are being produced with 7 nm transistors, which should be more efficient, all other things being equal.

However, the Bitfury Clarke proves there’s more to Bitcoin mining chip performance and efficiency than transistor size. Bitfury CEO Valery Vavilov, says, “Bitfury is looking at all factors, including silicon packaging, chip efficiency, optimal power distribution, cooling designs and speed of development when designing our mining hardware. We think that this will lead to solutions that deliver the best ROI to our customers — regardless of ASIC size.”

Each Bitfury Clarke chip produces 120 GH/s of hash rate while requiring 0.055 Watts of electricity per GH/s. This is actually a slightly higher energy consumption than 7 nm Bitcoin mining chips being developed by Triple-1, which require 0.05 Watts per GH/s. Bitmain’s industry standard 16 nm chips require about 0.1 Watts per GH/s, meaning 16 nm chips from Bitmain consume 82% more energy per GH/s than the Bitfury Clarke. The fact that the new chip has such efficiency despite using 14 nm chips suggests 7 nm chips have a long way to go until optimization, leaving plenty of room for mining chips to get even more efficient than Bitfury’s latest offering.

Energy consumption, total network hash rate and difficulty, and the price of Bitcoin are the three main factors which impact mining profitability. Bitcoin’s price has declined from a high of USD 20,000 in December 2017 to USD 6,400 as of this writing on 20 September 2018. Its mining difficulty has increased from 1.87 trillion to 7.02 trillion during the same time.

These two factors have caused many mining rigs to fall below a critical threshold where it costs more electricity than Bitcoin mined, forcing rig owners to shut down their rigs. The Bitfury Clarke is exactly what the Bitcoin mining industry needs to be re-invigorated since the reduction in energy consumption is so extreme that it makes Bitcoin mining profitable at these levels.

A calculation from CoinWarz, with an electricity cost of USD 0.10 per KWh, shows that the Bitfury Clarke would be profitable even if Bitcoin’s price dropped to USD 3,700. Considering Bitcoin has a solid support level at USD 5,800 and is unlikely to drop below that, Bitcoin miners can count on making long-term profits with the Bitfury Clarke, versus Bitmain Antminers which are in a very precarious position even at current price levels above USD 6,000. At the support level price of USD 5,800, the Bitfury Clarke would still be profitable even at a mining difficulty of 11 trillion, which would require a 57% increase in Bitcoin’s mining hash rate.

However, Bitcoin’s mining hash rate can increase 57% in less than a year based on current trends, so the Bitfury Clarke, despite its incredible efficiency versus industry standard 16 nm chips, could become obsolete if Bitcoin’s price doesn’t go up. That being said, many crypto experts expect Bitcoin’s price to rise drastically long term.

 

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ASIC: Resistance Is Futile! Crypto’s Battle a Losing War?

At Consensus 2018, many blockchain software developers viewed Bitmain’s recent launch of their newest Application Specific Integrated Circuit (ASIC) miners as proof of the impending future for all cryptocurrencies. ASIC hardware will soon hit the markets for previously deemed ASIC-resistant cryptocurrencies such as EthereumMonero, and Zcash.

David Vorick, a founder of ASIC manufacturer Obelisk stated:

“I think any GPU-mined coin is going to become an ASIC-mined coin at some point. Bitmain has been pretty methodical about demonstrating this.”

Bitmain is one of the main manufacturers of ASIC miners. Looking at Blockchain.info, Bitmain’s BTC.com and Antpool mining pools also make up an excess of 40% of the hashing power on the network.

Cryptocurrencies to remain completely ASIC-resistant for how long?

Crypto developers believe the advancement in technology surrounding mining will continue to increase at a similar rate as to which the resistant code is developed to combat them.

Most ASIC-resistant algorithms were produced by software engineers with a pre-conceived idea of what custom hardware is capable of, mainly due to their limited understanding of the functionalities of the hardware.

We’ve been hopeful on how long the ASIC resistance will last. Samsung, IBM, and Intel are among the giants who are looking to develop dedicated mining hardware, while established companies such as Bitmain and Bitfury already dominate the market. General purpose technology like CPUs, GPUs, and even DRAM all make sacrifices in efficiency for particular tasks in order to facilitate a wider deployment. To make a comparison, most mobile phones are capable of taking pictures but won’t compare to a standalone camera’s quality as it sacrifices that for portability and other functionalities. For that reason, general purpose hardware will always be limited and will often be superseded by dedicated machinery.

With ASICs being developed so rapidly, they can often slip under the radar in secret mining operations. Several months ago, an ASIC Monero mining operation was exposed which was rumored to have been running since early 2017. It was estimated that the secret ASICs accounted for more than 50% of the hash rate. This kind of network dominance could have led to a 51% attack at any time.

Vorick continues to explain how preventative measures taken by developers only delay the inevitable:

“The strategy of hardforking ASICs off of a network is going to lose potency the more it happens, because chip designers do have the ability to make chips that are flexible, anywhere from slightly flexible to highly flexible, with each piece of flexibility costing only a bit of performance. The Monero devs have committed to keeping the same general structure for the PoW algorithm, and because of that commitment, we believe that you could make a Monero miner capable of surviving hard forks with less than a 5x hit to performance.”

ASIC vs ASIC

ASICs have already got a strong foothold in the network with the future of management rather than mitigation an inevitable reality. Although we have to ask was there ever really a war against ASICs? Nvidia, Intel, and other companies identify their technology as ASICs internally but us as customers are familiar with these products for their more generic use. The main controversial topic surrounding ASICs is more of centralization and network control.

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New ASIC with 7nm Architecture Boasts 20+ billion transistors

The Japanese company GMO Internet Group announced on Wednesday the launch of their bitcoin application specific integrated circuit (ASIC) miner built on a 7nm architecture. They are aiming for the new compact chip design to launch on the 6th of June and for mass production of the B2 miner to lead to the shipping of the final product in October.

The company claims to have already mined a total of 906 bitcoin and 537 bitcoin cash as of April, with current CoinDesk prices that amount to almost USD 8 million in cryptocurrency.

New entries are welcome in the market as according to Bernstein, “Bitmain accounts for as much as 80% of bitcoin application specific integrated circuits (ASICs)”. Bitmain has generated between USD 3 billion and USD 4 billion in profits in 2017. The Beijing-based company rivals profits of one of the market leaders Nvidia, who specializes in chipset design and manufacture. Nvidia’s market cap was USD 147 billion, turning profits of USD 3 billion in 2017. With mining technology reaching similar levels to that of well-established companies it puts into perspective the rate of growth that the market is experiencing. Bitmain has achieved what Nvidia took several decades to achieve in a brief window, this is partially down to the rapid increase in the value of bitcoin. This year they announced their Ethereum ASIC which is going to add to their already expanding profits.

Bitfury Group is also generating competitive revenue with its bitcoin mining operations, and software services turning over USD 93.7 million revenue in 2017’s financial year.

7nm architecture and hardware accelerators

Samsung revealed earlier this year that it is due to start manufacturing ASIC chips in January 2018. Intel has been developing some of its own technologies, claiming their hardware accelerator could create a power reduction of as much as 35 percent.

“Because the software and hardware utilized in Bitcoin mining uses brute force to repeatedly and endlessly perform SHA-256 functions, the process of Bitcoin mining can be very power-intensive and utilize large amounts of hardware space. The embodiments described herein optimize Bitcoin mining operations by reducing the space utilized and power consumed by Bitcoin mining hardware.”

The 7nm Architecture will be the latest advancement in the bitcoin mining sector as well as the computer industry with four-fold efficiency. 7nm semiconductors contain 20+ billion transistors, whilst fitting on your fingertip they are still capable of performing complex computations. Samsung and IBM are also researching and developing these 7nm chips. With 7nm chips on the horizon, this then sets the future for 5nm semiconductors and a move closer to the end of Moore’s Law.

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