Calculating the cryptographic currencies with the GPU

Luka Sedmak (2014) Calculating the cryptographic currencies with the GPU. EngD thesis.

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Abstract

In the field of modern finance a concentration has developed in a handful of financial institutions. As an alternative to such centralization, deregulated and fully distributed synthetic currencies were introduced. They are designed as a peer-to-peer network, where through use of cryptographic functions, transactions and creation of the currency are controlled, which allows for full transparency along with anonymity and security. For purposes of this thesis we have assembled a device that uses large amounts of fast memory on video cards by running special software which confirms transactions in the network, gaining us a small proportion of the currency as a reward. We will describe characteristics of various cryptocurrencies, explain methods for maximizing profit and describe the hardware used. We will explain in detail the algorithm behind the validation of transactions, show the influence of configuration parameters on resulting hashing speed and finally draw conclusions accordingly.

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