Bitcoin Halving 2020: The ‘Arms Race’ for Miner Efficiency Intensifies

In lead-up to the next bitcoin halving event in May, some bitcoin miners are looking at leveraging what Moore and Carlson describe as “surplus energy” to make operations even more cost-effective.

In this episode of the Bitcoin Halving 2020: Miner Perspective podcast series, we take a trip down memory lane back to the early days of bitcoin when miners first began competing for network rewards. 

“I think the introduction of [Application Specific Integrated Circuits] was a watershed moment in terms of changing the way bitcoin was mined and secured,” said Galen Moore, senior research analyst for CoinDesk. “If you know that a more powerful machine will get you more reward, make your business more profitable, you’ll be looking for the next more powerful machine all the time, knowing that your competitors are doing the same.”

Dave Carlson, who participated as a bitcoin miner in the arms race for more advanced cryptocurrency mining machinery back in 2012 and 2013, admitted that…