Explanation About Latest Bitcoin Controversy The Asicboost Allegations
There is a buzz in the Bitcoin community with the latest controversy after a new post by the Blockstream CTO and Bitcoin Core Developer Greg Maxwell that states he alleges some miners are involved in the inappropriate practices that can be dangerous for the network.
This post was uploaded to the bitcoin mailing list past night and asserts that a mining developer is looking to exploit a past problem in the proof of work algorithm of bitcoin that will enable the users to mine at nearly 20% faster than the others.
There is an allegation that work is ongoing and it is proven by an analysis that was conducted on a mining chip.
Starting of the intellectual Gymnastics
The developers Timo Hanke and Sergio Demian Lerner have patented this technology that is already in use in a scheme known as AsicBoost. A patent was also filed for this in November 2014.
According to Maxwell, there is a person who has found what he called a covert version of the technology that is being used in a mining chip. However, he didn’t reveal the name of the person who conducted the analysis, whether a separate party or himself.
What really is AsicBoost?
It may offer certain advantages by understanding the specific mining technique for these allegations. In simple words, the AsicBoost can be defined as a mathematical trick which is used by miners for whittling down their choices of possible hashes, which can help in enabling them for solving a puzzle and claim the rewards of the bitcoin.
The mathematical tricks can result in a rise in profitability of mining by fostering the key mining hardware profitability ratios.
On the other side, the hardware profitability consisting determination of the energy consumption that is measured in Joules and after that divided by the hashing speed. That is known as the Joule per Gh/s. As per the developers of this technology, the key ratios will get booted by nearly 20% due to the AsicBoost.