Improving mining efficiency

I'm confused and getting mixed signals from different sources --
Suppose, theoretically, that I developed a method to mine bitcoin extremely efficiently. What would be the effect on cryptocurrency if I open-sourced that design?
Let's say, just hypothetically speaking, using some novel method that doesn't exist, that I could outmine a 128 GPU mining rig with a ring of only four FPGA's, using a fraction of the time, cost, and power?
Would this make cryptos more usable and viable as a solution in various spheres worldwide? Or is the power requirement of mining actually a desirable feature of cryptos, and this would necessitate a fork to a new block mining algorithm?
Also, would it be unethical to mine for profit using such a design, via a protracted "evaluation" phase?

Attached: microsoft_FPGA_project_catapult.jpg (650x482, 87K)

>would it be unethical to mine for profit using such a design
you have zero ethical obligation to release such software
It would most likely lead to a drop in the coins value as its easier to mine and I think it could potentially make transactions faster but I'm not a cryptofag

You have an ethical obligation to close off the source completely, encrypt everything hardcore, and sell subscriptions for $450 a month to use the software (1 machine per license) make sure to load it to the teeth with DRM so you have every users IP and mac adresses incase anyone tries to screw you.

It would make transactions much faster and cheaper so more decentralized, which might lead to an increase in value as the coin's usability improves?
Or what?
I really don't know, hoping someone with some real crypto knowledge can help out

$60,000 for a permanent license. Only make it available to serious enterprise customers, still 1 machine per license. It would tank the price of the crypto otherwise, but massively increase supply.

You should consider taking those brilliant ideas, sell them to your local Pajeet for a bargain, take the money to Walmart, buy a mixing bowl and a sugary energy drink of your choice, take a piss in a plastic mixing bowl, stick your face in, and drown yourself. This is the real challenge: your instincts will attempt to pull your face away from the bowl, so you must try your damndest to keep all of your face holes submerged in the piss.

wew lad

GPU mining has been long obsolete for BTC, btw if you have a concept with fpga you should consider upping to ASIC and it should increase the performance by another 3-6x
You are under no obligation to release anything, just be aware that whales will grab any published design and invest serious money in scaling it. If you publish something that is truly faster you create the possibility that for a short time someone possess more than half the total hashing power, that's obviously a bad thing for BTC.

>What would be the effect on cryptocurrency if I open-sourced that design?
If the design is cheap and easy to mass produce then all you'll see is the global hashrate multiply overnight. If it's really expensive (a la ASICs when they first dropped) you'll see a high level of centralization, where just a few large mining companies control huge portions of the hashrate. Centralization is poison to crypto, too much hashrate in too few hands opens up the blockchain to attacks

>is the power requirement of mining actually a desirable feature of cryptos
Not directly, but the proof of work algorithm is necessary for the distribution of crypto, which of course takes power. Burstcoin has a novel algorithm, proof of capacity, which uses hard drives to "mine" crypto, resulting in much lower power consumption.

Summer

no, it would not make transactions faster. for bitcoins, the difficulty is adjusted such that every block takes roughly 10 minutes to be mined, regardless of the hashrate of the network. most cryptocurrencies follow the same principle.

here is what you should do:
release it, cause a new hype, completely ruin the market.

fuckin cryptominers are ruining everything

So the power efficiency could be improved, but not the speed?

>HURR free market is bad

Blame Satoshi for creating mining in the first place.

It's bad because a wonderful idea to fight both big brother and the eternal Jew was just perverted by the latter into a gigantic Ponzi scheme and cashgrab for retards.

To increase reespnsivity of the blockchain open-sourcing this is a great way to work it.
However, closed source means more profits for you and more investors, whiuch means more valuable coin.

Its your choice rabbi.

please just give up trying to mine these 'virtual currencies'. go work at mcdonalds or something more productive.

It's not like I'm specifically searching for ways to mine cryptos. I just have some interesting preliminary results on some research and wondered if it's worth it to throw it at the crypto problem which is very much in vogue these days.

>mcdonalds
I'm a PhD student, I'm already happily making far less than a janitor at mickey d's for 2x the hours

No choice but to open source
I want to publish anyways

What makes you think you know better than the thousands of engineers at billion dollar companies like Bitmain?

nice attitude

maybe?
but then these mining companies are often limited by power supply anyway, so they'll just scale up their infrastructure to continue mining with the same amount of power they had available before

the only thing that would happen in this scenario is some equipment would be obsoleted and new infrastructure would have to be purchased (or manufactured without regards to licensing, of course) to be competitive

release it to a random imageboard

the obvious thing to do would be to use your method and not tell a single soul about it. It would not affect price no matter what you do. Bitcoin does not work that way, there's a number of coins mined per day and if you add hashpower then difficulty goes up and you get a portion of the mined coins -- but the total amount of new coins mined remains constant. It only shifts who gets them. The same is somewhat true with power requirements; if you can mine at a fraction of the power everyone else uses then your profitability is huge. BUT if you tell everyone else how you're doing it then everyone else will do it and the result will be that difficulty sky-rockets and the power requirements of the network goes up to the same level it was at.

Can that thing really outmine 128 GPUs? Could you set it up in Oymyakon and run it at negative temperatures? Lower temperature results in lower voltage and lower parasitic capacitance.

I see..
so it really wouldn't change anything at all.
Thus the correct play is to just outmine everyone else for personal profit and then once I have enough money, publish and wash my hands of it

ROT IN HELL, CRYPTONUGGER

kys cryptonigger

What a surprise the poor dipshits of /v/ are here