This is a guest post by Kateryna Boiko.
Bitcoin is one of the pioneer cryptocurrency in the world. It has changed the financial landscape across the globe. A huge majority of the people dealing in trade and financing are showing a keen interest in how to invest in Bitcoin. This substantial increase in financial activities led the software developers to create more and more cryptocurrency and blockchain related software tools.
Huge demand for the python web development emerged in the marketplace because of the powerful features and capabilities of Python language for developing the professional grade bitcoin-related projects. The major driver of this increased demand is the expansion of the bitcoin market, which was just under $1 billion in 2013 swelled up to over $237 billion in the fourth quarter of 2017. The present market size of cryptocurrency is about $140.6 billion in April 2019. The market is expected to expand continuously in the coming years significantly.
Python in Blockchain Programming
Blockchain programming involves numerous scientific, mathematical, and arithmetic algorithms used for processing the high-level of engineering functions. Python language has numerous powerful function library, built-in modules, and third-party python tools that make it one of the most loved programming languages for bitcoin technology.
Newly introduced Bitcoin Python library makes the programming 100 times faster for the signatures and verifications of transactions. There are many features and capabilities of this new library, which is able to support numerous types of complex functions individually.
Python with bitcoin is extensively used for Bitcoin mining algorithm Python tools, which solve very complex engineering problems. According to the Python Software Foundation information, there are more than 177,515 Python third-party software tools available in the market in the first quarter of 2019. More than 2,000 software tools are adding to this number on a monthly basis. Over 1.2 million releases have already been launched by over 324 users on PyPi website only.
The machine learning, data analytics are artificial intelligence are other major domains of Python language that make it one of the most popular platforms in Python bitcoin miner software programming. Image, text, and multimedia processing capabilities of Python language are par excellence. The efficient handling of complex databases, automation, web scraping, and networking by Python makes it the most ideal for bitcoin mining programs.
Benefits of Using Python in Bitcoin Source Code Development
The bitcoin market is attracting millions of people invest in this prospective cryptocurrency. The value of Bitcoin has soared high in recent years, which attract the engineers to develop bitcoin source code for bitcoin mining. It is a very good idea for the software developers to develop a bitcoin mining program for earning free bitcoin.
The main benefits of using Python for bitcoin software development include the following.
- It offers simplicity in programming due to a wide range of library and built-in module
- Offers a large number of third-party software tools
- The learning curve is comparatively small
- It is an open source platform, which is free to use
- Powered by a huge community for support
- Simplified rules of coding
- The syntax of the code is very easy to understand and make changes in it
- Python file can be run uncompiled as well as a compiled and executable file
- Faster development of projects
- The data structure of Python is very user-friendly
- Python offers great speed as compared to other programming languages
- Reduce software development cost and time
- Improves the time to market period to maintain the competitive edge in the market
- It is a dynamic software development platform
- It is an object-oriented high-level language
- It can be easily extended to C or C++
- Powerful capabilities of smooth integration
What Is the Best Python Bitcoin Mining Software?
The bitcoin miner industry is growing very fast. There are many great bitcoin miner software tools are available in the market. All those tools have their advantages and disadvantages. The most popular bitcoin miner software developed with the Python language is Poclbm-mod.
The main features of Poclbm-mod are listed below:
- It is an open source software developed for OpenCL platforms
- It is a faster and more efficient platform
- Uses GetWork, which is an efficient protocol for mining
- Supports both CLI and GUI interfaces
- Suitable for Linux, Windows, and Mac
- Has very powerful capabilities and speed
Top 5 Reasons for Using Python for Bitcoin Mining Projects
Python language has many capabilities and features that make it one of the most popular languages in the world. The major reasons for using python for bitcoin mining are mentioned below.
1. Powerful Library
Python has a very powerful and large library of functions related to machine learning, data analytics, mathematical functions, engineering functions, database handling, networking, and much more. All those functions are extensively required in developing the software algorithms of blockchain technology. Bitcoin mining needs powerful arithmetic and engineering functions to verify the complex transaction on blockchain technology. All those functions can easily be developed with the help of numerous libraries of Python language.
2. Large Pool of Third-Party Tools
The support of third-party software tools is increasing very fast. More than two thousand new tools are emerging in the market on a monthly basis. The present number of third-party software tools has crossed 178 thousand. This huge support of third-party tools makes bitcoin mining programming much easier in Python.
3. Perfect for Blockchain Technology
If you want to develop bitcoin-enabled API, Python is perfect for you. You can create robust APIs for different purposes by using built-in modules and standard libraries. You can also add bitcoin transaction graph API and much more. There are many data analysis, machine learning, and arithmetic tools that can be integrated to make a perfect software tool for blockchain technology.
4. Open Source Technology
Today’s market has become so competitive. It is very difficult to maintain a competitive edge and profit margins at a sound level. The use of open-source software helps entrepreneurs to cope with this challenge. Python is an open-source platform and you can use it for free. You can also have access to the source code to customize the programming as per your needs.
5. Lesser Code for Complex Algorithms
One of the most interesting aspects of Python language from the developer’s perspective is that Python requires a lesser code for programming the complex algorithms. In other languages like C language, you will need almost double lines of codes for developing a certain algorithm. So, the developers love this capability of Python language a lot.
The main reasons for the popularity of Python language in the Bitcoin mining software development are the wide range of functions that cover many engineering and data science-related aspects. Simplicity, lesser code, third-party tools, plain syntax, and dynamic programming are other major features that make Python as the top favorite language in the marketplace in 2019.
Kateryna Boiko is a Marketing Manager at Mobilunity, Provider of Dedicated Development Teams with 7 years of hands-on experience in digital marketing. Kateryna managed to work with diverse industries and markets and now is keen on sharing unique cases with the world and coach on topics relevant to Web Analytics and Search Engine Optimization.