Cisco Systems Granted Patent For Mining Cryptocoin – Legendary Network Company Promises Legendary Cryptocoin Mining Solutions
I almost got too excited too fast when I discovered that Cisco Systems Granted Patent For Mining Cryptocoin. As a “retired” CCNA (Cisco Certified Network Associate) I was popping out of my chair by the excitement of imaging legendary Cisco hardware powering cryptocoin mining. I’ve configured and deployed citywide networks of Cisco networking gear and was almost giggling in glee at the prospect of CIsco’s military-grade networking hardware deployed on crypto mining.
Then I got some of the details and was a little less excited. Network colossus and IT stalwart and networking company, Cisco, was granted a new patent a few days ago for a new cloud computing app which will be centered around crowdsourcing and can be applied to cryptomining.
When I think of Cisco I don’t think of cloud computing. I think of EPIC routers like the 3640 or the legendary 7400 series. Or an Armageddon-proof Catalyst switch that can handle the Internet traffic of a small town without breaking a sweat.
[ sigh ]
The patent was awarded to Cisco by the US Patent and Trademark Office on Tuesday, and it includes a system that enabling users to allocate their processing power to different tasks. As a result, they will be able to make a new cloud application and use it for various purposes, one of which could be cryptocoin mining.
The company states that the processing power can be shared with ISPs (Internet Service Providers), application publishers among others.
The patent filing states that the model they developed delivers capabilities for scaling processing power, speed, reliability and cost.
Let’s focus on the headline: Cisco Systems Granted Patent For Mining Cryptocoin
The company postulates their new cloud-based solution can be applied to mining cryptocurrencies. The effectiveness of this remain to be seen as there is a never-ending “arms race” for ever faster mining rigs and ASICS that run at ever-increasing efficiency. When I imagined the possibilities behind the news that Cisco Systems Granted Patent For Mining Cryptocoin I imagined a MASSIVE blue-green box that would run 24×7 for years on end minding Bitcoin or another cryptocoin.
As a seasoned Bitcoin miner overseeing ASIC miners 24×7 I don’t see ANY cloud solution beating the basics of cryptocoin mining; run your own hardware on your own network. Time will tell.