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Bitcoin is similar to other currencies, in that the exchange rate between Bitcoin and other currencies fluctuates over time. This in turn impacts on the viability of Bitcoin mining; if the value of a Bitcoin is less than the cost of the energy required to generate it then there is a disincentive to continue mining. On the other hand, as the number of people mining Bitcoin increases, difficulty of mining follows suit, so the likelihood of discovering a valid block decreases. To overcome this, more powerful hardware is required to achieve the same success rate. However, since the cost of energy is a limiting factor, newer hardware will have to have a higher hash rate and a lower energy footprint. [11] VI. WHAT IS CLOUD AND WHY IS IT AN ALTERNATIVE firms. The key to the definition of cloud computing is ―cloud‖ itself. Cloud is, by definition, a large group of interconnected computers. These computers can be personal computers or network servers and they can be public or private. For example, Google hosts a cloud that consists of both small PCs and large servers. Googles cloud is a private one which means it is accessible only by google users. Cloud computing goes beyond a single company or enterprise. The applications and data served by the cloud are available to a broad group of users, across enterprises and across platforms. The access is via internet. Any authorized user can access these docs and apps from any computer over any Internet connection. Cloud computing should not be confused with network computing where all the information are hosted on the company‘s single network and it can be accessed by members on that network only. Cloud is much bigger than that and it encompasses multiple companies, servers and networks. In order to first think about implementing cloud technology with Bitcoin mining, it is essential to understand why a Cloud network based application is important. This can be explained by considering advantages of cloud computing, which are many but a few significant ones are listed as: traffic. (IJACSA) International Journal of Advanced Computer Science and Applications, Vol. 6, No. 9, 2015 Lower software costs: Instead of purchasing separate software packages for each computer in the organization, only those employees actually using an application need access to that application in the cloud. Even if it costs the same to use similar desktop software, IT staffs are saved the cost of installing and maintaining those programs on every PC in the organization. Thus the costs of the software offered by cloud technology firms are much less than non-cloud Fewer maintenance issues: Cloud computing substantially reduces both hardware and software maintenance cost for organizations. With less hardware in the form of fewer servers, the maintenance costs are immediately lowered. In the software front all applications are based on cloud servers, so maintenance practically zero. Cloud technology also offers unlimited storage capacity, increased data safety (as the data is not present directly on desktop it can be difficult for third party users to gain access), increased computing power and instant software updates (that is, when an application is updated by the owner or cloud service provider, this update is accessible to the users the next time they log in). As a result of such attractive advantages pertaining to cloud services, Bitcoin mining can be made more efficient and cost-effective by exploiting various cloud technology services like: Infrastructure as a Service (IaaS) Software as a Service (SaaS) Platform as a Service (PaaS) VII. BITCOIN CLOUD IMPLEMENTATION Since the Bitcoin industry is very erratic in nature, it may not be feasible to own and operate costly ASICs and therefore the need to introduce cloud-technology to help reduce and recoup losses associated with high electricity consumption and maintenance cost for the users/customers. The term ̳Cloud Mining‘ is coined for carrying out mining operations, associated with various cryptocurrencies like Bitcoins, on a cloud network. The basic idea is that the miners can carry-out mining operations without requiring owning an ASIC but renting one. The renting of these machines provides easier exit opportunities to the miner in times when losses due to falling Bitcoin prices or increased difficulty in mining network are inevitable. This is an example of Infrastructure as a Service. The miners can also use platforms like amazon EC2 and Digital Ocean for mining, which is Platform as a Service. Finally the miners can simple rent/lease the hashing power of ASICs owned by large hardware companies that specialize in the development of integrated circuits (ICs). To elaborate, there are three forms of cloud mining techniques miners can exploit for better profitability: Low-Cost Computers for Users: You do not need a high powered and highly priced computer to run cloud computing‘s web based applications. Because the application runs in cloud and not on the desktop PC, that PC does not need any processing power and Hard- disk space. Improvement in performance of computers: Because the desktop PC does not require to store and run tons of software applications, users will see better performance from their PC‘s. Put simply, computers on cloud network boot up faster and run faster because they have fewer programs and processes loaded in memory. Lower IT infrastructure cost: Instead of investing in larger numbers of more powerful servers, the staff of an IT company can use the computing power of the cloud to supplement or replace internal computing resources. These companies that have peak needs no longer have to purchase equipment to handle peaks in www.ijacsa.thesai.org 121 | P a g ePDF Image | Cryptocurrency Mining Transition to Cloud
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