Cryptocurrencies

Square Crypto funds software update for mining pools – Cryptocurrencies

bitcoin mining update

With the bullish rally in Bitcoin (BTC), mining of the latter is largely profitable. The bitcoinsphere, however, continues to look for ways to optimize mining costs. Square Crypto has decided to fund the research work of a developer aimed at optimize the way miners pool hash power.

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More safety and power for minors

The strategy of mining pools is to combine the hash power of their different limbs to increase their chance of mining a block.

The Stratum software helps coordinate the action of different members. The second version of the software is under development.

The BTC developer, Fi3, will receive financial support from Square Crypto to work on an implementation of Stratum V2.

The latter will fix some security flaws present in the previous version, while improving connection speeds between miners in a pool.

The new version also provides that every minor can exercise a right of scrutiny over the transactions that it wishes to include in the mined blocks.

Square Crypto will fund any changes to be made for this update.

Fi3 has the ambition to develop and create a Bitcoin Improvement Proposal (BIP) which paves the way for the activation of this update.

He indicated that he knew that it would be ready in 6 months and thata post-test implementation of Stratum V2 would be completed after one year.

A subsidized freedom

The leader of Square Crypto, Steve lee recalled the benefits relating to the realization of this project for minors BTC : ” Square Crypto is pleased to support the development of a high quality open-source implementation of Stratum v2. This software benefits minors by maximizing their income and offering them more freedom and security “.

Fi3 discussed the benefits of this grant, including the freedom conferred on it in these technical choices.

Use of language Rust to code the update of Stratum is an additional source of motivation for Fi3.

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He fully masters the inner workings. It is an opportunity for this one to work again with the actors of the mining BTC after his successful experience with the Italian company Bitminer Factory.

Bitcoin made a foray above $ 40,000 on January 14, 2021, after its major pullback to the $ 30,000 level. The bullish rally improves network security in the short term. Stratum’s V2 contributes to the sustainability of miners’ activities and the proper functioning of the BTC network in the long term.

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