The Evolution and Impact of Cryptocurrency Mining

More importantly, in October 2010 the code for mining bitcoin with GPUs was released to the general public. As mining difficulty rose so did the need for better, more dedicated hardware. These devices, unlike CPUs, GPUs and FPGAs, were designed at their outset to mine bitcoin. This meant that all hardware and software components of these ASIC devices came pre-designed and optimized to compute strictly those calculations necessary to create new bitcoin blocks. The efficiency gains from ASICs could not be matched by any…