To what extent can Artificial intelligence (AI) Enhance BTC mining. ?

[KupaCrypto]

Have been making researches lately on the impact of Artificial intelligence on bitcoin mining and have not really gotten the full knowledge and understanding about it, so I thought by asking it here I will gain useful knowledge and understanding. Apart from the fact that it makes complex trading more efficient and also helps in risk management, I really want to know more about it.

[safar1980]

Have been making researches lately on the impact of Artificial intelligence on bitcoin mining and have not really gotten the full knowledge and understanding about it, so I thought by asking it here I will gain useful knowledge and understanding. Apart from the fact that it makes complex trading more efficient and also helps in risk management, I really want to know more about it.

Bitcoin mining is affected by the number of ASICs that mine this coin. The complexity of Bitcoin mining, because the number of ASICs is constantly increasing. Artificial intelligence cannot mine bitcoins and influence mining. Over the past year, hashrate and difficulty have increased by more than 1.5 times.

[_act_]

As Artificial intelligence helps and give you trading information, it can helps and give you information about bitcoin mining. But I do not know how accurate the information they can give.

The best information AI should give you should be how CPU was first used for bitcoin mining. The mining difficulty increased and people started to use machines that can provide more computational power which are graphics card (GPU). But now we are in the period that those machines can no longer mine bitcoin anymore in a way that would be profitable for miners.

If you want to mine bitcoin now, you will need ASIC, which I think AI bots like Chap GPT should provide such information. ASICs consume electricity and you may need machines that would also be cooling it or providing ventilation to drive heat away.

Al should also be able to tell you how people can try to scam you. Like those cloud miners that are scamming people that join and pay them on their sites to mine for them.

[KupaCrypto]

Bitcoin mining is affected by the number of ASICs that mine this coin. The complexity of Bitcoin mining, because the number of ASICs is constantly increasing. Artificial intelligence cannot mine bitcoins and influence mining. Over the past year, hashrate and difficulty have increased by more than 1.5 times.

ASIC miners are programmed to mine a specific number of digital currency as it can mine over 6.25  coins in 10 mins but I think it was programmed for the sole aim of mining, no risk management and trading strategy, as a miner you need all this for good and profitable mining,
Just mining without managing the risk involved is not cool do I think Artificial intelligence still have a major role to play in mining. This is getting Interesting.

[stompix]

If you want to mine bitcoin now, you will need ASIC, which I think AI bots like Chap GPT should provide such information. ASICs consume electricity and you may need machines that would also be cooling it or providing ventilation to drive heat away.
Al should also be able to tell you how people can try to scam you. Like those cloud miners that are scamming people that join and pay them on their sites to mine for them.

Ok, let's test it:



Seeking Victims in the HashFlare Investigation
https://www.fbi.gov/how-we-can-help-you/victim-services/seeking-victim-information/seeking-victims-in-the-hashflare-investigation#:~:text=Eventually%2C%20the%20HashFlare%20cloud%20mining,funds%20for%20their%20personal%20benefit.

The FBI’s Seattle Division is seeking information from potential victims of two fraudulent schemes launched by Ivan Turõgin and Sergei Potapenko through their companies:

HashCoins
HashFlare.io, a cryptocurrency cloud mining operation
Polybius, an investment offering in support of a digital bank project

HashFlare founders arrested in ‘astounding’ $575M crypto fraud scheme

[Bitcoin_Arena]

Enhance Bitcoin mining how?

In terms of increasing the chances, a miner can find a new block? If that's what you are pushing at, then the answer is no. Finding the next block is purely bast on chance. It's like asking if an AI can help increase the chances of you winning a lottery.

[NotFuzzyWarm]

Enhance Bitcoin mining how?

In terms of increasing the chances, a miner can find a new block? If that's what you are pushing at, then the answer is no. Finding the next block is purely bast on chance. It's like asking if an AI can help increase the chances of you winning a lottery.

Exactly. Mining is based on pure statistical Luck making AI useless.
As for applying AI to trading - sure, it would be a good fit. HOWEVER - this area deals exclusively with mining. The Forum has dedicated areas for trading topics...

[Sledge0001]

I'll stir the pot a bit here and say that one could "in theory" use AI to develop mining code and further utilize it to assist in identifying potential security vulnerabilities.

https://www.forbes.com/sites/janakirammsv/2022/03/14/5-ai-tools-that-can-generate-code-to-help-programmers/

[mikeywith]

If the AI is perfectly developed I think it would "Enhance" BTC mining to some extent, but not quite in the way you think, it's more so the other way around, it would help the ignorant lazy people who buy mining gears without understanding a thing or two about the economics of BTC mining, and honestly, mining is rather complicated when looked at from the outside.

Someone would google or find a video on youtube that says, how I earn $1000 every month using ABC asic miner, someone who has no clue and can't or doesn't do the math to fit his power rate and buying price, would jump in and buy the same gears thinking they would be making the same amount of money, and of course, they won't, they would help raise the difficulty and make life harder for other rational miners, and then leave, but they will keep coming.

You might think that there aren't many people like that, but I can tell you with complete certainty that there are many, you can read the stories in this section or on the other various sources, and the amount of clueless people who jump into mine bitcoin without the slightest chance of making any profit is pretty high.

So that's one way AI could affect mining as a business since gathering the relevant info and doing the correct math seems challenging to many people.

[KupaCrypto]

If the AI is perfectly developed I think it would "Enhance" BTC mining to some extent, but not quite in the way you think, it's more so the other way around, it would help the ignorant lazy people who buy mining gears without understanding a thing or two about the economics of BTC mining, and honestly, mining is rather complicated when looked at from the outside.

Someone would google or find a video on youtube that says, how I earn $1000 every month using ABC asic miner, someone who has no clue and can't or doesn't do the math to fit his power rate and buying price, would jump in and buy the same gears thinking they would be making the same amount of money, and of course, they won't, they would help raise the difficulty and make life harder for other rational miners, and then leave, but they will keep coming.

You might think that there aren't many people like that, but I can tell you with complete certainty that there are many, you can read the stories in this section or on the other various sources, and the amount of clueless people who jump into mine bitcoin without the slightest chance of making any profit is pretty high.

So that's one way AI could affect mining as a business since gathering the relevant info and doing the correct math seems challenging to many people.

Yes I think so too, and it will enhance Mining perfectly well, in the sense that there will be no stipulated amount of digital currency mined, and it will make mining easy for miners as  it will also take care of the risk management, Everything is just improvement and me personally am looking forward to the improvement of Miner with AI algorithms, the first may not be as good as we want but improvements and reconfiguration Wil make sure its more efficient and effective.

[alexkut987]

Artificial intelligence (AI) can have a significant impact on bitcoin mining in several ways. Here are some examples:

Predictive analytics: AI algorithms can analyze historical data and predict future bitcoin price trends, helping miners make more informed decisions about when to buy or sell bitcoins.

Mining optimization: AI can help optimize mining operations by automatically adjusting the mining hardware's parameters, such as power consumption and cooling, to maximize efficiency and profitability.

Fraud detection: AI can be used to detect fraudulent activities, such as mining pools colluding to manipulate the bitcoin network or hackers attempting to steal bitcoins.

Security: AI can help improve the security of bitcoin mining by detecting and preventing cyberattacks and identifying potential vulnerabilities in the mining infrastructure.

Decentralization: AI can also help promote the decentralization of bitcoin mining by enabling individual miners to work together more efficiently and effectively, reducing the dominance of large mining pools.

Overall, AI can bring significant benefits to bitcoin mining, helping miners improve profitability, efficiency, and security while reducing the risk of fraud and promoting decentralization. However, as with any technology, there are also potential risks and challenges that need to be addressed, such as the ethical implications of using AI in mining and the need for ongoing research and development to keep up with evolving threats and opportunities.

[BitMaxz]

@alexkut987 actually no AI can optimize a said miner or mining farm when setting up a miner there are software or managing tool that you can automatically adjust and optimize a miner.
And there is no AI also that can detect fraud for mining pools I never heard of them.

It seems your post was generated from an AI bot based on what it looks like and some tools to check your post?

[stompix]

It seems your post was generated from an AI bot based on what it looks like and some tools to check your post?

It was generated, he probably just copy-pasted the title with a slight modification  in the question box:



but,

@alexkut987 actually no AI can optimize a said miner or mining farm when setting up a miner there are software or managing tool that you can automatically adjust and optimize a miner.

That software and tools are also basically a form of AI, since it's a tool that decided based on preset parameters how to act without supervision or human interference, so you could call them some sort of AI. If one can call a dog smart because it knows how to bring his bowl at 7 am in the kitchen then I don't see why not call this piece of code also intelligent.

If the AI is perfectly developed I think it would "Enhance" BTC mining to some extent, but not quite in the way you think, it's more so the other way around, it would help the ignorant lazy people who buy mining gears without understanding a thing or two about the economics of BTC mining, and honestly, mining is rather complicated when looked at from the outside.

I don't think that even this would be a cure for pure greed or ignorance.
For decades I've heard that saying about the weakest link in security for an OS is not the system or the bugs but the human user, even here although a smarter AI system than the one above who recommended me Hashflare would indeed make a case and present a convincing study on what to do and what not to do there will still be hundred who will ignore because they don't trust it, thousands who would say that the same AI would have told them to stay away from BTC in 2009, and many more excuses to act on their own hunch.
So if we think of a 25% decrease in people losing money on this I would still call it way too optimistic.

[Outhue]

AI can't generate hash power on their own, this is why AI and crypto mining can never be on the same line, AI tech is not some kind of supercomputer that can solve blocks of any algorithm in seconds or something like that, it's never going to happen. The short answer is NO, AI can never enhance BTC mining.

[KupaCrypto]

AI can't generate hash power on their own, this is why AI and crypto mining can never be on the same line, AI tech is not some kind of supercomputer that can solve blocks of any algorithm in seconds or something like that, it's never going to happen. The short answer is NO, AI can never enhance BTC mining.

Wow this interesting, But AI powered mining can actually make  resources useable and it's Algorithm can enhance issues like resource allocation based on certain factors like energy cost, network congestion and difficult levels, it helps in monitoring mining equipments and analysing data, also helps in maintenance, tracking performance, identifying faults with the equipment and this in turn enhances good and accurate Mining of BTC.
In my opinion AI is an important component of mining which should not be over looked.

[joniboini]

it helps in monitoring mining equipments and analysing data, also helps in maintenance, tracking performance, identifying faults with the equipment and this in turn enhances good and accurate Mining of BTC.
In my opinion AI is an important component of mining which should not be over looked.

Isn't it doable already with the built-in RIG software or mining software? You don't need AI to tell you one of your fans is failing if the software already tells you that. Even if you want to automate this process, I think you can simply build a bot that notifies you if anything went wrong, without waiting for AI companies to feed their machine learning system tons of miners' stats over the past few years. At the end of the day, they will just look at the manufacturer guide and see if any faulty conditions exist on the owner rigs, no?

[BitcoinPanther]

Have been making researches lately on the impact of Artificial intelligence on bitcoin mining and have not really gotten the full knowledge and understanding about it, so I thought by asking it here I will gain useful knowledge and understanding. Apart from the fact that it makes complex trading more efficient and also helps in risk management, I really want to know more about it.

The one that pop up in my mind where AI can enhance BTC mining is through its help to give an option to have a maximum setup of both software and hardware.  AI have the capability to compute and test the possibilities of setup combination that can give both mining software and hardware software to perform at its optimum.  AI can also integrate and simulate combinations of software and hardware setup and give the possible maximum configuration for optimum performance.

[savetheFORUM]

Have been making researches lately on the impact of Artificial intelligence on bitcoin mining and have not really gotten the full knowledge and understanding about it, so I thought by asking it here I will gain useful knowledge and understanding. Apart from the fact that it makes complex trading more efficient and also helps in risk management, I really want to know more about it.

Trading and mining are totally different areas where while trading can be made simple by AI, mining isn't something that AI can make easy in any way. An AI model can assist you with your trading activities by breaking down the points and doing research and analysis based on the data it can read, the risk management advice it can give also depends on the same thing, data.

On the other hand, mining is a more complex area that is probably out of the reach of AI. It cannot help a miner find a block more quickly or efficiently since it cannot solve the cryptographic problems that a mining rig does.

[NotATether]

As Artificial intelligence helps and give you trading information, it can helps and give you information about bitcoin mining. But I do not know how accurate the information they can give.

Not only is AI completely inefficient for mining processes, a general-purpose AI like ChatGPT will do more harm than good for trading. Why not get an AI specifically trained on past trades to try to make better predictions...

Anyway,

Imagine if you have AI guessing a valid SHA256d. I hope you can already see, that it will be at least 1000x slower than just using an ASIC by itself because the AI will give a lot of wrong answers, because that's what the majority of the training set for crypto mining would be.

[BitDane]

As Artificial intelligence helps and give you trading information, it can helps and give you information about bitcoin mining. But I do not know how accurate the information they can give.

Not only is AI completely inefficient for mining processes, a general-purpose AI like ChatGPT will do more harm than good for trading. Why not get an AI specifically trained on past trades to try to make better predictions...

AI can have a specific function of enhancing the performance of a mining rig.  Miners such as ASIC are created to mine, yes, but they need software for calibration.  This is where AI can come in.  By simulating different calibration set-up, they can help enhance the software integration to the mining machine for more efficient production of hash.  It can also help in maintaining the integrity of the hardware by managing the the machine automatically.  This way the mining rig can have a better performance and longer span of durability.

Anyway,

Imagine if you have AI guessing a valid SHA256d. I hope you can already see, that it will be at least 1000x slower than just using an ASIC by itself because the AI will give a lot of wrong answers, because that's what the majority of the training set for crypto mining would be.

Integrating AI on a mining rig does not necessarily mean they will be mining themselves.  As I stated, AI can help in maximizing the hardware mining potential and at the same time prolonging the life of the mining rig.  This will help miners to have their mining rig a higher hashing power and slow down wear and tear.