System and method for bitcoin mining with reduced power

A method for bitcoin mining in a blockchain network, the method comprising:

• generating a nonce value, on a cycle-by-cycle basis, changing only one binary digit of the nonce value per cycle;
• inserting, on the cycle-by-cycle basis, the nonce value into a block header of a block candidate and generating a digest by applying a hash function to the block header, the block header including a representation of a target value;
• and
• comparing, on the cycle-by-cycle basis, the digest to the target value and, in an event the digest satisfies the target value, submitting the block candidate with the nonce value to the blockchain network, causing bitcoin to be mined from the blockchain network.

An application-specific integrated circuit (ASIC) for bitcoin mining in a blockchain network, the ASIC comprising:

• a gray code counter configured to output a gray code on a cycle-by-cycle basis;
• and
• a hash engine configured to insert, on the cycle-by-cycle basis, the gray code into a nonce field of a block header of a block candidate and generate a digest by applying a hash function to the block header, the block header including a representation of a target value;
• and
• a validator circuit configured to compare the digest to the target value and, in an event the digest generated satisfies the target value, submit the block candidate with the gray code to the blockchain network, causing bitcoin to be mined from the blockchain network.