An Automated Solution for Improving the Efficiency of Cryptocurrency Mining
Abstract: Nowadays, cryptocurrency's transmission volume increases continuously and rapidly. Bitcoin is the first and the most popular cryptocurrency. One of the ways to obtain Bitcoins is coin mining. Bitcoin mining is a mechanism, in which miner expend resources in a computation process to synchronize Bitcoin transactions for collecting Bitcoins as rewards. Currently, there are a number of crypto-mining marketplaces, in which allows selling or buying computing power on demand. In this paper, we focus on NiceHash platform, which is the largest crypto-mining marketplace having a large number of active miners. In NiceHash platform, sellers (also called, miners) mine coins to fulfill the selected buyers' orders. NiceHash offers a software which can automatically select the most profitable algorithm for miners, so miners do not need to monitor the market and their multiple wallets. However, the existing software usually select an algorithm for a miner to mine without any further update for a long time even the profit gained by using a mining algorithm is highly fluctuated. Moreover, many miners experienced lots of disconnects on the NiceHash pool. To address the above problems, we proposed a system which can maximize the Bitcoin profit of miners by automatically selecting the most profitable mining algorithms and keeping track on the connection between miners and the mining pool. Experiences show that our automated system can effectively maximize the mining profits by increasing 21% when compared with the original algorithm used in NiceHash.
Date of Conference: 7-11 Jan. 2020
Date Added to IEEE Xplore: 09 March 2020
Electronic ISBN: 978-1-7281-3187-0
Print on Demand(PoD) ISBN: 978-1-7281-3188-7
Electronic ISSN: 2155-2509
Print on Demand(PoD) ISSN: 2155-2487
-