Cisco’s New Patent may prove useful for Cryptocurrency Mining

World-renowned technology giant Cisco has been issued a go-ahead on a computer-based bitcoin mining patent it submitted to the U.S. Patent and Trademark Office (USPTO) in September 2015. The patent application demonstrates how computer users may be able to utilize their discarded and unused computer processors to mine cryptocurrency.

The technology and Networking Giant Cisco in April 2018 disclosed that it was considering using Blockchain technology to make group messaging more confidential and secure. It is not known if this messaging technology has to do with the recent disclosure however, the patent filling illustrates how a computer user could divide his computer processing resources to create a dedicated section for running a cloud-based application. This dedicated cloud sections can then be used to run various applications which include cryptocurrency mining.

Cisco, in its patent filing, describes that its prototype is more suitable for “distributed processing and services that can be optimized for speed, volume, scale and resiliency, cost, and regulatory compliance.” The company believes that due to the fact that cryptocurrency mining consumes a large amount of computational resources, therefore it is more efficient and convenient for miners to band together in a mining pool while utilizing the cloud application.

Concerning the benefits of the distributed processing technology, Cisco noted that its design is flexible enough to be scaled up to meet any geographical proportion while also being resistant to any form of cyber and physical attack owing to it being cloud-based. The service, Cisco disclosed “can use geographic distribution to offload or optimize network loading, as well as to resell large-scale, low-cost computing and storage capacity,"

This method of mining cryptocurrency could become revolutionary in the near future. There are two methods for cryptocurrency mining; cloud mining and hardware mining. While cloud mining has to do with mining remotely without physical mining equipment, hardware mining on the other is done with an extensive array of mining equipment.