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As the amount of hashing power applied to mining bitcoin has exploded, the difficulty has risen to match it. The difficulty metric in the following chart is measured as a ratio of current difficulty over minimum difficulty (the difficulty of the first block): Figure 8-8. Bitcoin’s mining difficulty metric, over two years In the last two years, the ASIC mining chips have become denser and denser, approach‐ ing the cutting edge of silicon fabrication with a feature size (resolution) of 22 nano‐ meters (nm). Currently, ASIC manufacturers are aiming to overtake general purpose CPU chip manufacturers, designing chips with a feature size of 16nm, because the profitability of mining is driving this industry even faster than general computing. There are no more giant leaps left in bitcoin mining, because the industry has reached the forefront of “Moore’s Law”. Still, the mining power of the network continues to advance at an exponential pace as the race for higher density chips is matched with a race for higher density data centers where thousands of these chips can be deployed. It’s no longer about how much mining can be done with one chip but how many chips can be squeezed into a building, while still dissipating the heat and providing adequate power. The Extra Nonce Solution Since 2012 bitcoin mining has evolved to resolve a fundamental limitation in the struc‐ ture of the block header. In the early days of bitcoin, a miner could find a block by iterating through the nonce until the resulting hash was below the target. As difficulty increased, miners often cycled through all 4 billion values of the nonce without finding a block. However, this was easily resolved by updating the block timestamp to account for the elapsed time. Since the timestamp is part of the header, the change would allow miners to iterate through the values of the nonce again with different results. Once mining hardware exceeded 4 GH/sec however, this approach became increasingly dif‐ ficult as the nonce values were exhausted in less than a second. As ASIC mining equip‐ 210 | Chapter 8: Mining and ConsensusPDF Image | Mastering Bitcoin
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