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(IJACSA) International Journal of Advanced Computer Science and Applications, Vol. 6, No. 9, 2015 A. Hostedminingmachines This scheme can refer to hosted Bitcoin ASIC mining also where the miners, clients, can lease or rent ASICs. The clients are required to pay monthly rental rates for a large range of Bitcoin ASIC mining systems and can also rent a dedicated physical machine for their personal use. The advantages of such a scheme are obvious; for instance, clients can eliminate the electricity costs pertaining to running such machines at home as well as reduce carbon footprint. Further, miners need not worry about re-selling the machines at reasonable prices. Many companies are working on their own hosted mining facilities, for example, KnC Miner, a Sweden based company is planning to introduce such a scheme in Stockholm and at the same time use renewable energy sources to power up the machines. A range of ASIC machines from ̳Nano Fury NF2‘ with 3700 million/sec hash rate and 5 watts consumption to ̳Hash Coins- Zeus v3‘ that has hash rate of 4.5 million/sec , electricity consumption of 3000 watts with USB COMM ports can be used under this scheme. The selection of the rigs depends on the client‘s budget and requirements. B. Hostedplatformmining Under this scheme, a Client is required to rent virtual computers on which they can run their applications. The Amazon EC2 platform: The EC2 platform provides virtual services, also known as Compute Instances in the cloud quickly and inexpensively. The client is required to choose the instance type they want, selecting the templates which can be based on Windows or Linux and finally choosing the quantity of services (or virtual servers). This can be done by using the AWS management console or automate the entire process by an API using SDK in any programming language. After implementing the API code, client‘s instances will begin running and they will have full access and administrative control just like any other server. The EC2 provides a range of instance type designed for different use cases. These range from small and economical instances for low volume applications all the way up-to clustered computer systems for high performance computing workload and cloud based super-computing on demand. The amazon EC2 provides instances optimized for compute, memory, storage, GPU processing and also high performance ASICs. This enables clients to choose the right price and performance combination for whatever workloads to be run. It is also easy to resize the instance as the requirements of the clients change. For instance during time when the hashing rates and difficulty of the network are very high the user can adjust the instance to obtain high performance and vice-versa. The user will pay according to the degree of requirements of instances. The important feature of Amazon EC2, it comes to determining the profitability of the platform, is the flexibility of the pricing options available to miners. With on-demand prices the clients pay for what they use that is if the instances are stopped the miners stop paying as well. Thereby, helping cut losses given the erratic nature of Bitcoin prices. The reserved instance price provides significant demand over the on-demand prices in return for low one-time payment. Spot instance prices lets the miners to name the prices they want to pay for instances using market based pricing and allows computing capacity at a significant discount compared to on demand pricing. The spot instances prices are the most economical of the three models, whereby the miners can bid for computing time at a price they are willing to pay. When amazon has spare capacity, it will grant the computing power to the highest bidder and if the bid prices are too low then the mining system may never come online. Further, EC2 mining provides a number of built-in security features to provide protection from Malware and Trojan attacks. The instances are located in a Virtual private cloud or VPC, which is a logically isolated network that the miners control. The VPC provides a number of network security tools, like Network ACLS and Security Groups, to determine who can access your instances. A Security Group acts as a virtual firewall that controls the traffic for one or more instances. When you launch an instance, you associate one or more security groups with the instance. You add rules to each security group that allow traffic to or from its associated instances. Clients can modify the rules for a security group at any time; the new rules are automatically applied to all instances that are associated with the security group. When we decide whether to allow traffic to reach an instance, we evaluate all the rules from all the security groups that are associated with the instance. A Network access control list (ACL) is an optional layer of security that acts as a firewall for controlling traffic in and out of a subnet. Clients might set up network ACLs with rules similar to the security groups in order to add an additional layer of security to the VPC.[12][13][14] DigitalOcean: Another type of such service is provided by DigitalOcean. It is a provider of virtual private servers (VPS). These servers are not actual computers, but simulated computers – several of which run simultaneously on powerful server computers at once. This is a cost effective way for any business providing online hosting services whether it be virtual private servers or web hosts. Usually, a group of virtual servers hosted on single (or across a network of) physical servers do not all need the CPU and network resources at once. Therefore, having several simulated computers contained within one physical computer is more efficient as one set of hardware can be active all the time, providing resources to all of the virtual machines it hosts. The whole business of virtual hosting is somewhat like fractional reserve banking in that it relies upon most of its users not requiring its resources at any particular moment. C. Leasing hashing power Under the scheme, the miners can rent Hashing power of multiple, highly powered ASICs machines owned by mining companies. The hashing rate depends on the plan chosen by miners. The plan must be selected while considering the profitability factor. The various service providers are: www.ijacsa.thesai.org 122 | P a g ePDF Image | Cryptocurrency Mining Transition to Cloud
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