Posted November 21, 2018 10:37:27 A new cryptocurrency mining system could be developed that would allow for cheap mining, according to a recent post by the Australian Mining Association (AMIA).
The AMIA has just published a report titled “The mining industry’s new mining equipment” which outlines a new form of cryptocurrency mining equipment that is cheaper to develop than existing systems.
The system, called ASIC-Block, is a new mining method that uses a customised ASIC to mine a block of cryptocurrency.
Unlike traditional mining equipment, ASIC-Blocks use a standard mining computer that uses software to perform calculations.
Instead of relying on a computer to calculate the final block, ASIC Block relies on a network of ASIC-block devices, which use a special combination of software and hardware.
AMIA president Stephen Hickey told Bitcoin Magazine: “I’m sure the mining industry will be delighted with ASIC- Block.
It’s the cheapest mining equipment available today, and it’s a way to get your hands on bitcoin in a very inexpensive way.”
The new method of mining has been developed in conjunction with a company called CoinLab.
The company was set up by a couple who bought their first computer from eBay and, when they realised they had enough computing power to power the mining machine, they set up a company, CoinLab, to develop and manufacture their own mining equipment.
In this video from the CoinLab website, they explain how they are developing ASIC- Blocks: They also have a video demonstrating the new method: The company has been using their ASIC-blocks to mine bitcoin and other cryptocurrencies since March 2017.
This video from CoinLab demonstrates how the new system works: AMIAN has developed a custom-built mining equipment for use in ASIC-Cblocks. “
There is no doubt ASIC- blocks will be the future of cryptocurrency and I’m sure many other companies will be joining in.”
This video from CoinLab demonstrates how the new system works: AMIAN has developed a custom-built mining equipment for use in ASIC-Cblocks.
Bitcoin Magazine asked CoinLab if they had developed any ASIC-miners themselves, but did not receive a response.
Another cryptocurrency mining hardware company, HashFast, has also launched a new ASIC-mining machine.
There are other new cryptocurrency equipment companies including the Canadian mining company, Bitmain, which has also announced plans to produce its own ASIC-mine equipment.
