ViaBTC’s 7th Anniversary: The Evolution of Crypto Mining

On January 3, 2009, Satoshi Nakamoto mined the Genesis Block connected a tiny server successful Helsinki, Finland, and received a reward of 50 bitcoins, which marks the opening of crypto mining.

From CPU to ASIC

In Satoshi Nakamoto’s archetypal vision, BTC mining could beryllium performed utilizing CPUs installed connected PCs. During its infancy, Bitcoin remained obscure and offered nary value.

It wasn’t until 2010 erstwhile Bitcoin enthusiast Laszlo Hanyecz argued that GPUs could execute much computations per 2nd than CPUs and tried to usage GPUs for mining, and helium was correct. After Hanyecz shared his GPU mining codification with the community, Bitcoin saw its archetypal hashrate surge by 20,000 times, from 6 MH/s successful January 2010 to 120 GH/s successful December 2010.

Bitcoin Hashrate Growth successful 2010 (Source: BTC.com)

What’s absorbing is that Hanyecz, who introduced GPU mining, was besides the 1 who started Bitcoin Pizza Day. Hanyecz earned plentifulness of bitcoins done the GPU mining attack helium invented and spared nary efforts to beforehand the crypto. For instance, the feline bought 2 pizzas with 10,000 BTC, giving existent worth to the caller currency for the archetypal time.

The quality of GPU mining and the surging BTC terms led to a mining arms race, and miners were perpetually seeking caller ways to amended their hashrate. In 2011, idiosyncratic shared the codification of FPGA mining machines connected GitHub, which started a caller epoch dominated by specialized mining rigs. In 2011, the Bitcoin hashrate roseate from 116 GH/s astatine the opening of the twelvemonth to astir 30 TH/s astatine the extremity of the year, a astir 300X growth.

2012 saw the commencement of ASIC mining machines, which are superior models, and the Bitcoin hashrate skyrocketed from 20 TH/s to 12 PH/s, an summation of 600 times. Since then, ASIC models person replaced CPUs, GPUs, and FPGA machines arsenic the mainstream BTC mining machine.

From Solo Mining to Pool Mining

The increasing hashrate raised caller concerns — Is bitcoin mining inactive profitable arsenic much and much miners articulation the business? Upon realizing the limitations of solo mining, Czech programmer Marek Palatinus recovered a solution: unite BTC miners, excavation the resources, and stock the profits. In 2010, Marek started slushpool, the world’s archetypal mining pool. Since then, BTC mining has gradually transitioned from solo mining to excavation mining.

Although mining pools stitchery a ample fig of miners, miners are not ever tied to 1 pool, which has led to the abrupt emergence and autumn of galore pools. For instance, successful 2013, GHash.IO attracted plentifulness of miners with its zero-fee policy. By 2014, the pool’s highest hashrate had adjacent surpassed 51%, raising concerns successful the Bitcoin community. However, this elephantine excavation yet unopen down successful 2016 owed to repeated large-scale DoS attacks.

Clearly, mining pools request beardown method capacity. In the aboriginal days, galore pools underestimated the method requirements of the industry. As a result, they suffered attacks and yet unopen down, conscionable similar GHash.IO.

Having realized the immature technologies and products successful the excavation industry, Haipo Yang, an aboriginal Bitcoin builder, decided to physique a stabler and much businesslike excavation to empower BTC mining, a cardinal transmission for maintaining the mean operations of the network. In conscionable 2 months, helium independently completed the coding of ViaBTC Pool, which officially went unrecorded connected June 5, 2016.

ViaBTC Riding the Waves

Born successful a clip of fierce competition, ViaBTC has remained a apical subordinate successful presumption of hashrate, acknowledgment to its unchangeable technologies, innovative products, and satisfying idiosyncratic experiences.

Shortly aft its launch, ViaBTC invented the PPS+ outgo method based connected the accepted PPS and PPLNS methods. This caller attack guarantees unchangeable mining gross portion sharing miner fees, allowing ViaBTC miners to gain much coins than their peers successful different pools. Later on, mainstream pools started to clasp the PPS+ outgo method. ViaBTC’s invention of PPS+ has catalyzed changes successful manufacture rules and brought higher and stabler mining gross to miners.

At ViaBTC, exertion is ever a priority. For instance, the excavation optimized the broadcasting and transmitting process of the BTC web done its independently developed BTC client. Thanks to its high-speed artifact updating networks distributed astir the world, miners tin observe and broadcast caller blocks much quickly. Furthermore, these efforts person lowered the orphan rate, ensured unchangeable mining revenue, and improved the operating ratio of the network. To date, ViaBTC remains the mining excavation with the lowest orphan rate.

Over the years, ViaBTC has besides introduced a wide scope of functions and tools, including the Transaction Accelerator, Auto Conversion, Smart Mining, Hedging Service, Crypto Loans, Hashrate Fluctuation Notification, Revenue Sharing, and Referral Commission, to supply users with faster, stabler, and much lucrative mining and derivative services.

Looking backmost astatine the past 7 years, ViaBTC has seen the ups and downs of crypto mining. GHash.IO is conscionable 1 of galore pools brought down by web attacks. Moreover, determination are besides pools wounded by disrupted currency flows, arsenic good arsenic pools abandoned by miners owed to unstable artifact output. ViaBTC, connected the different hand, has remained committed to products and technology, with a absorption connected users. These efforts person paid disconnected arsenic it becomes 1 of the fewer crypto companies to observe its seventh anniversary.

ViaBTC present provides mining services for much than 1 cardinal users successful implicit 130 countries and regions, covering 10+ cryptos that see BTC and LTC. Moreover, the excavation is simply a apical subordinate successful presumption of the mining hashrate of cryptos including BTC and LTC, with multi-billion dollar worthy of cumulative mining output.

Going forward, ViaBTC volition proceed to supply professional, efficient, secure, and unchangeable crypto mining services for miners, portion processing comprehensive, reliable, secure, and satisfying crypto products done dedicated efforts. At the aforesaid time, ViaBTC volition thrust the advancement of the mining manufacture to witnesser the caller blockchain aboriginal unneurotic with its users.

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