Bitcoin mining researchers claim new tech ups winning hash chance by 260%

[larry_vw_1955]

https://cointelegraph.com/news/bitcoin-mining-researchers-claim-new-tech-ups-winning-hash-chance-by-260

The firm’s technologies are being touted to give an “uncatchable advantage” using AI and SHA-256 optimization, and while QBT does not plan to open source its patented methods, Gardin said QBT is considering different options to take its solutions to the Bitcoin mining market.

This could include subscription, licensing, forming a joint venture, or outright purchasing the company and its associated technologies.

And I'm skeptical. If it was so great then they would be using it instead of trying to get other people to use it (and pay).

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[joniboini]

If I get this right, they build their algorithm basically by trying to find patterns to past accepted hashes. How do we know if that is reliable, or if there is a pattern to begin with? Their claim that the algorithm can predict the future hash is also quite unbelievable. I'll wait until some miners try using it and see how exactly it work. You're right, it sounds just full of bullshit for now.

[kano]

Alas people have been reporting similar bullshit for the last 10 years.
It's fake.

... and just in case you want it to be true ...
If it is, then all the financial systems in the world will all come crashing down, since they use SHA256 also

[philipma1957]

Okay lets examine the claim.

A 260% boost means a 100 th machine now does 360th.

as 100 percent on 100th is 200th
and 200 percent on 100th is 300th
finally 260% turns 100 into 360th.

Soon-if you develop that you find one large mine and cut a deal. You don’t do anything else.

The mine whales and you whale and fuck everyone else.

[kano]

It's even simpler than that

As phil said, a 260% boost means 100th -> 360th

Or in other words 100%/360% of the work. i.e. 28% of the hash.

i.e. they can do the equivalent of the sha256 hash in 28% of the instructions.
They've removed the need to do 72% of the hash.
Yeah that's not gonna happen.

As for going on about AI that most people seem to have no idea what they are talking about,
since they forget what the 'A' means
but anyway, the sha256 hash is not some "complex algorithm" that most people seem to copy past that everywhere,
it's a very simple hash re-ordering the bits over and over again.
So if you've found a flaw in it, then you've broken all the financial systems that use sha256 also

You go girl!

[larry_vw_1955]

https://www.londonstockexchange.com/news-article/QBT/patent-application/16052227

The Company believes that this novel approach, called Message Scheduling For Cryptographic Hashing (“MSFCA”), addresses one of the most challenging problems in BTC mining: partial pre-computing of future blockchains’ blocks.

just a patent application, no details provided. also, looks like a crap company. they been shilling this idea since at least 2021.

https://www.thearmchairtrader.com/quantum-blockchain-share-price-forecast-27102021/

[o_solo_miner]

Another round of "Bullshit Bingo", I miss the word quantum in it, to make it complete.
People tend to fall into any type of get rich quick writing, as long as it is to complicated for them to understand it.

[Drawesome]

I'm more than skeptical, especially because the incentive for these people is to get funded.

the company has incorporated AI to enable the smart search of winning hashes as an alternative to conventional random searches

What does that even mean? Did the journalist get it right? Random searches are the only method if the SHA-256 function is not broken. I guess if somehow you could coordinate the machines you control so there is no random duplicity in blocks + nonces... But I'm not an expert in mining.

The claim of optimizing the ASIC, etc. - well, good luck competing against Intel, etc.

[DaveF]

Another round of "Bullshit Bingo", I miss the word quantum in it, to make it complete.
People tend to fall into any type of get rich quick writing, as long as it is to complicated for them to understand it.

More of buzzword bingo.
But, they are going to get a bunch of gullible people to throw money at them for their new process.
Question -> Magic -> Answer
But we can't tell you what the magic is or what it does or how it works, you just have to trust us.
How to get rich by sending me money:
https://www.youtube.com/watch?v=m77b9XdWgf0

-Dave

[larry_vw_1955]

More of buzzword bingo.
But, they are going to get a bunch of gullible people to throw money at them for their new process.


-Dave

yeah it's like i said originally, if it's go great then why aren't they using it themself rather than trying to sell it in some type of black box?? 

the sad thing about all of this is how cointelegraph doesn't really seem to do any type of due diligence and just puts this type of crap out there where less informed people might actually believe that kind of stuff. no one here will though. i guess cointelegraph isn't as solid as i thought. if they let people write crap like this....

[DaveF]

More of buzzword bingo.
But, they are going to get a bunch of gullible people to throw money at them for their new process.


-Dave

yeah it's like i said originally, if it's go great then why aren't they using it themself rather than trying to sell it in some type of black box?? 

the sad thing about all of this is how cointelegraph doesn't really seem to do any type of due diligence and just puts this type of crap out there where less informed people might actually believe that kind of stuff. no one here will though. i guess cointelegraph isn't as solid as i thought. if they let people write crap like this....

A bit OT, but cointelegraph has never been a great source for information. They really do put out a lot of articles that are 'less then legit' so to speak. But they do put out so much that the really bad ones get lost in the pile of other things they published.

Anyway. back to this. The black box to make things better scam is older then BTC / the internet.
But snake oil salesmen have been around for 100s of years.

Yet another youtube link: https://www.youtube.com/watch?v=2UwL6aLE-iQ

It goes along with the miracle device to put in in your gas tank to get 200MPG.

-Dave

[larry_vw_1955]

A bit OT, but cointelegraph has never been a great source for information. They really do put out a lot of articles that are 'less then legit' so to speak. But they do put out so much that the really bad ones get lost in the pile of other things they published.

maybe it was a planted article that was really paid advertising. either that or the company is spamming news outlets with their "story".

[stompix]

just a patent application, no details provided. also, looks like a crap company. they been shilling this idea since at least 2021.
https://www.thearmchairtrader.com/quantum-blockchain-share-price-forecast-27102021/

The company was previously called Brainspark.
It got into a development spree, including some amusement parks and a hotel chain, and changed to Clear Leisure.
That went south, they lost a a ton, lawsuits eveything , saw the crypto hype and they became Quantum Blockchain
Technologies PLC.

They have a few companies that were supposed to be mining but they are inactive, like MINER ONE LIMITED,  and a bunch of others, same thing, no fillings no activity, no actual mining gear. So they are probably just trying to get investors on board, fill the pockets and get ready for the next hype, they started this in 2020, it's been 3 years and there isn't one trace of them or one tiny proof they actually have a miner.

Extensive Lab tests, at a lower difficulty than the current, have shown that hashing guided with Method B criteria, can improve the ability to find a winning hash by 2.6 times, compared to standard search, while saving up to 4.3% of energy.

Does anyone have an idea why did they mention this? Seems strange!

[kano]

The 'chance' of winning a hash is defined by it's difficulty, so the statement doesn't make any sense anyway.

[mikeywith]

If it is, then all the financial systems in the world will all come crashing down, since they use SHA256 also

They don't claim to have broken SHA-256, they claim an improvement over BTC mining, just like how over/covert asicboost does, the core claim in their patent application is this

While at this juncture we cannot go into the specific details of what we believe is an innovative solution designed by our R&D cryptography team, suffice it to say that the new concept behind this idea disrupts, under special conditions, a fundamental BTC blockchain paradigm; computation for future blocks can take place before the previous block is mined. This is quite a radical change of the paradigm, and we believe it is well worth a patent application

Key words are "under special conditions", I think they mean this

"If we managed to guess the next block header right -- we could start working on it before everyone else does".

[philipma1957]

If it is, then all the financial systems in the world will all come crashing down, since they use SHA256 also

They don't claim to have broken SHA-256, they claim an improvement over BTC mining, just like how over/covert asicboost, the core claim in their patent application is this

While at this juncture we cannot go into the specific details of what we believe is an innovative solution designed by our R&D cryptography team, suffice it to say that the new concept behind this idea disrupts, under special conditions, a fundamental BTC blockchain paradigm; computation for future blocks can take place before the previous block is mined. This is quite a radical change of the paradigm, and we believe it is well worth a patent application

Key words are "under special conditions", I think they mean this
[
"If we managed to guess the next block header right -- we could start working on it before everyone else does".

that is funny

[larry_vw_1955]

The company was previously called Brainspark.
It got into a development spree, including some amusement parks and a hotel chain, and changed to Clear Leisure.
That went south, they lost a a ton, lawsuits eveything , saw the crypto hype and they became Quantum Blockchain
Technologies PLC.

they don't tell you that in the stories on these websites i guess because if they did no one would take them seriously!

Extensive Lab tests, at a lower difficulty than the current, have shown that hashing guided with Method B criteria, can improve the ability to find a winning hash by 2.6 times, compared to standard search, while saving up to 4.3% of energy.

Does anyone have an idea why did they mention this? Seems strange!

probably because their method doesn't work if the difficulty level is the current difficulty maybe it only works if the difficulty is really low. otherwise why mention it? but i doubt they have anything useful at all after all of this...

[joniboini]

probably because their method doesn't work if the difficulty level is the current difficulty maybe it only works if the difficulty is really low. otherwise why mention it? but i doubt they have anything useful at all after all of this...

It can also mean that they can't reproduce the current difficulty level in their labs due to various reasons. Probably for legal reasons if they don't plan to scam their future customers to avoid excessive expectations. That being said, it doesn't discount that they just pull out the numbers from their ass since nobody can really verify how they test their so-called mining methodology. CMIIW.

[hopenotlate]

Buzz of words imo : if you find the chemical formula to produce gold you just go for it  instead of advertising your achievment to the media.
Sometimes common sense gives the more obvious answer.

[larry_vw_1955]

Buzz of words imo : if you find the chemical formula to produce gold you just go for it instead of advertising your achievment to the media.
Sometimes common sense gives the more obvious answer.

obviously their method doesn't work if it did they'd be using it themself. i don't think there's a method of hashing that even makes a 1% advantage to say nothing of a 260%. sha256 would be in trouble if someone even figured out any structure to it at all. even a 1% advantage. they're not using it themself because they know it doesn't work. end of story.