Current crypto-currency mining is done with a few different types of hardware. First you have Graphics Processing Units (GPU’s) and Central Processing Units (CPU’s) that are generally very programmable but more multi-purpose. In a nutshell, they can do most algorithms with varying degree of profitability. The next category is Application Specific Integrated Circuits (ASIC). These units can do ONE algorithm at incredible speeds, but if the algorithm changes, they cannot be recycled or reused, they are junk. The third category are called Field Programmable Gate Arrays (FPGA)’s which are kind of a hybrid between the two. They can be configured so are flexible and perform more like ASIC’s.
My idea is to focus on FPGA programming. To get the algorithm selection and hardware configuration automated to react to the ever-changing market conditions (which algorithm is most profitable for a given set of hardware) and be able to on the fly reconfigure the FPGA’s.
I believe that the completion of this portion could immediately start generating income and could help fund the 4 other areas of my overall crypto management platform. Ultimately, releasing this as a “software as a service” would be a potentially lucrative prospect. In the short term, while fine tuning and testing, it would also be generating income, allowing to add more FPGA boards and configuration potential.
What I Will Do With $5,000
The $5000 would be used to purchase at least one FPGA board to allow me to create and test the advanced hardware control section of the software platform. The exact configuration depends on a few hardware options that I have to choose from, but the $5000 would be entirely spent on hardware to enable me to create the software.