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from mining. If the market is having this much of an effect on the major player it is easy to estimate the effect on smaller service providers. Many have had to halt operations and payouts, including ZeusHash and PB Mining. X. (IJACSA) International Journal of Advanced Computer Science and Applications, Vol. 6, No. 9, 2015 would then gain complete dominance over the mining network, leading to monopoly. Not only is this unhealthy to the mining network, it is against its fundamental nature that the system is decentralized and provides equal opportunities to This paper provided an in depth view of types of cryptocurrencies currently in operation, the types of mining algorithms and the history of machines used for mining process, which led us to the next logical step of cloud based mining. But of course, this is definitely not the final solution. As complexity and competition increases, faster and more efficient machines are bound to be designed. However, at present, cloud mining presents the most viable route to maximizing profits. CONCLUSION Since the start of the virtual currency revolution, the rate of evolution of mining techniques to maximize hashing rates (in turn maximizing profits) has been staggering. With mining machines and technologies becoming redundant at amazingly quick rates, stability has always been a question. It took only three years since the introduction of Bitcoins for miners to move from using their CPUs to buying mining specific ASIC machines. To make matters worse, the fluctuating values of the various cryptocurrencies make it impossible for any long term investment that does not involve considerable risks. The amount of computation required to validate transactions has been increasing exponentially because of two reasons – the complexity increases with each hash generated and the number of people entering the world of Bitcoin mining, which in turn increases the hash rate. Given the perilous scenario, where mining with privately owned ASICs and similar machines has the odds stacked against it when it comes to profitability, cloud mining by leasing machines seems to be the way forward, as it offers greater chances of profit and easier exit options with a very low initial investment. For cloud mining to be successful, miners need to move all miners. REFERENCES [1] Morgan E. Peck - The Bitcoin Arms Race is on! Spectrum, IEEE, vol.50 (2013), Issue: 6, pp. 11-13. [2] Allied Control – Analysis of Large-Scale Bitcoin Mining Operations (White Paper), URL: http://www.allied- control.com/publications/Analysis_of_Large- Scale_Bitcoin_Mining_Operations.pdf. [3] Brito, J. & Castillo, A. (2013). Bitcoin: A Primer for Policymakers. [4] S. Nakamoto. ―Bitcoin: A Peer-to-Peer Electronic Cash System,‖ URL: https://bitcoin.org/bitcoin.pdf, 2008. [5] The cryptographic hash function SHA-256, URL: http://www.researchgate.net/publictopics.PublicPostFileLoader.html?id= 534b393ad3df3e04508b45ad&key=50463534b393ab994e. [6] Evans-Pughe, C.; Novikov, A.; Vitaliev, V.-―To bit or not to bit?‖. Engineering & Technology, vol. 9 (2014), Issue: 4, pp. 82-85 [7] Hurlburt, G. F; Bojanova I. - ―Bitcoin: Benefit or Curse‖. IT Professional, vol. 16(2014), Issue: 3, pp. 10-15. [8] Taylor, M. B - ―Bitcoin and the age of Bespoke Silicon‖. Compilers, Architecture and Synthesis for Embedded Systems (CASES), 2013 International Conference, 2013, pp. 1-10 [9] Mining Hardware Comparison, URL:https://en.Bitcoin.it/wiki/Mining_hardware_comparison [10] BitcoinDifficulty.URL:https://Bitcoinwisdom.com/Bitcoin/difficulty [11] O‘Dwyer, K. J.; Malone, D. - ―Bitcoin Mining and its energy footprint‖. Irish Signals & Systems Conference 2014 and 2014 China-Ireland International Conference on Information and Communications Technologies (ISSC 2014/CIICT 2014). 25th IET, pp. 280-285 The flipside is that even for many of the cloud mining providers, this initial short term investment to buy large and powerful mining machines, security features, space, air conditioning for the systems and electricity to power them is way too high, as can be seen from the temporary suspension of operations of key players such as cex.io. With stringent government regulations, and a general negative outlook on cryptocurrencies, sudden drops and rises in the value of Bitcoins is bound to happen time and again and miners need to be braced for it. What one needs to keep in mind is that, such sudden drops notwithstanding, value of Bitcoins, and cryptocurrencies in general would rise proportionally to the increase in hashing difficulty. [12] AmazonEC2.URL:http://aws.amazon.com/ec2/ [13] Amazon Elastic Compute Cloud. http://en.wikipedia.org/wiki/Amazon_Elastic_Compute_Cloud URL: from private mining techniques and adopt cloud mining on a larger scale, which would only then justify the initial expenses of these cloud service providers. A dangerous scenario that may arise when this does not happen is that several of these providers would face losses and ultimately quit, leaving only few giants such as Amazon or Digital Ocean in business, who [14] Amazon EC2 Security Groups for Linux Instances. URL: http://docs.aws.amazon.com/AWSEC2/latest/UserGuide/using-network- security.html [15] January 18th 2015 Network Statistics. URL: http://organofcorti.blogspot.com.au/2015/01/january-18th-2015- network-statistics.html www.ijacsa.thesai.org 124 | P a g ePDF Image | Cryptocurrency Mining Transition to Cloud
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