In a major breakthrough in Bitcoin mining, UK-based Quantum Blockchain Technologies (QBT) has developed a highly promising computational method, Message Scheduling For Cryptographic Hashing (MSFCA), designed to make Bitcoin mining significantly more efficient .
QBT CEO Francesco Gardin called MSFCA a “radical shift” that disrupts the “fundamental blockchain paradigm of BTC” in his July patent application.
“The new concept behind this idea disrupts, under special conditions, a fundamental BTC blockchain paradigm; calculation for future blocks can occur before the previous block is mined. This is a pretty radical paradigm shift.”
As reported in a recent interview with CoinTelegraph, Gardin said the company’s innovative technology, powered by artificial intelligence, potentially offers a 260% increase in mining reward probability.
How MSFCA improves Bitcoin mining.
Bitcoin mining, the process of solving complex mathematical problems to add a new transaction block to the Bitcoin blockchain, faces the constraint that each new block cannot be attempted until the current one has been completed.
The new MSFCA method, for which QBT filed a patent application in the UK in July this year, breaks this sequential barrier. It allows miners to perform preliminary calculations for the next block even before the current one is fully processed, reducing the need for computational resources and energy costs.
With a unique asynchronous approach, MSFCA does not accelerate the SHA-256 calculations involved in Bitcoin mining. Instead, it facilitates pre-processing or advanced computation, allowing for multiple SHA-256 computations on the same chip, thus speeding up the overall mining process. Implementing MSFCA requires ASIC computer chips used in standard Bitcoin mining machines. However, QBT believes that “a feasible modification of the current proprietary SHA-256 implementation developed by QBT” is achievable.
According to company estimates, the use of MSFCA could reduce the area of the ASIC chip used by about 8%, thus reducing the space needed by the logic gates that perform the calculations. The patent application states,
“In terms of SHA-256 ASIC chip areas, the anticipated potential savings would be in the region of 25% for one SHA256 instance out of three instances involved in Bitcoin mining.
However, due to other well-known optimization techniques, the effective area saving potential of MSFCA is estimated by the company’s ASIC designer to average around 8%.
QBT CEO, Francesco Gardin, in his interview with CoinTelegraph, pointed out that this disruptive method could revolutionize Bitcoin mining by allowing calculations for future blocks even before previous ones are mined.
QBT Research and development.
Earlier this year, the company hired Dr. Lov Kumar Grover, known for creating the groundbreaking “Grover Algorithm at AT&T Bell Labs; Dr. Grover is expected to bring valuable insights into the quantum version of the QBT’s SHA-256 algorithm.
Grover’s algorithm is a quantum computing algorithm that can find a specific item in an unsorted database with the approximately square root of the total number of operations on the items, providing a significant acceleration over classical search algorithms.
This algorithm is central to Bitcoin mining, and with Dr. Grover’s deep knowledge of quantum theory and optimization, the company is increasingly optimistic about perfecting its algorithm.
Despite existing technological limitations such as memory chip throughput, QBT’s new method, if successful, promises to be a game changer for Bitcoin mining.
Gardin also told CoinTelegraph that he is also exploring avenues, including subscriptions, licenses, joint ventures, or outright purchase of the company and its technologies, to bring their solutions to the Bitcoin mining market.
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