As you know, doing crypto mining requires a lot of power and a lot of electricity consumption. Intel, however, has developed a chip to reduce energy consumption in these high volumes as well as to implement faster processing. Intel’s patent application for this technology was documented in 2016.
The product is defined as ‘a system capable of bitcoin mining with a processor core and a hardware accelerator connected to the processor core’ . Intel makes it clear that hardware acceleration is designed for bitcoin mining.
Decrease in Power Consumption, Environmental Benefit
Bitcoin mining uses a large amount of electricity to solve the algorithms required for coins. While some crypto critics call Bitcoin mining ‘environmental disaster’, others argue that mining reduces the likelihood of using non-renewable energies.
Regardless of the source of electricity, the cost of Bitcoin mining can be really high. “We think that Bitcoin can be a very costly operation because of the large amount of power used and the relatively high cost of this power , “ Intel said . In some regimes, we plan to further reduce the cost of a single Bitcoin. “ In the past, many Bitcoin miners had to pay an enormous amount of energy bills for Bitcoin in relatively low quantities.
This technology is not Intel’s first investment for Bitcoin and Blockchain. Over the past year, Intel has collaborated with PokitDok, a healthcare service provider and software development company, to develop ways to use Blockchain technology in the healthcare industry.