Intel Files Patent for Energy-Efficient Bitcoin Mining
Cryptocurrency mining has long been a hot button topic in the industry primarily because of the enormous power it consumes and the resultant adverse effect on global warming. But from recent developments, it seems a solution is finally on the horizon. Intel, the American tech giant, has just filed for a new patent that would seek to make crypto mining more efficient.
In a recent filing published by the US Patent and Trademark Office (USPTO), the patent by Intel “specifically seeks to establish energy-efficient high-performance Bitcoin mining.”
According to the USPTO filing, the tech firm aims to develop technology and the corresponding hardware that will give its users a distinct advantage during mining, while simultaneously making the entire process energy efficient. Some specifics of the patent consist of a “hardware accelerator implementing SHA-256 hash using optimized data paths, with the goal of reducing total energy consumption by up to 15 percent.”
Part of the filing reads as follows: “clusters of SHA engines may consume a lot of powers (e.g., at a rate of greater than 200W) … Embodiments of the present disclosure include energy-efficient ASIC-based SHA engines that consume less power for Bitcoin mining operations.”
This will not be Intel’s first foray into Bitcoin mining as the company had filed for a patent back in March whose aim is to “reduce the amount of energy consumption per hash and maximizing performance per watt.” This focus on reducing energy consumption used in mining has shown that the company is looking to ensure that it enhances the efficiency of most hardware used in cryptocurrency mining.
However, even though this goal might seem altruistic, there is also the profit side of things to consider. If Intel cracks the efficiency code in mining, it would give the company an edge over its competitors and also reduce the cost of mining significantly.
Due to the bearish run of Bitcoin that saw the cryptocurrency fall from about $6,300 to $3,456, there were numerous reports about miners selling off their hardware at a loss. While the valuation and hash rate of Bitcoin has been nosediving, cryptoanalysts have noted that “it is because of miners shifting to more profitable currencies as opposed to outright abandoning the industry.”
The decision by Intel to enter the cryptocurrency markets at its lowest point has shown the willingness of the company to commit to the crypto industry for the long haul.
Intel has filed for a patent that could make Bitcoin mining green. According to the Patent and Trademark Office of the United States, the tech giant is seeking to create technology and hardware that will ensure that coins are mined in a more energy efficient way.
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