Mining Bitcoin [BTC] could become profitable again with the new patent application from Intel

Technology giant, Intel is interested in creating specialized hardware for Bitcoin Mining and has decided to name it “acceleration”. They have issued a patent application on the hardware. The patent application was filed on September 23rd, 2016 and submitted on 29th March 2018.

Intel Blockchain Patent

The California based company is all set to reduce “the space utilized and power consumed by Bitcoin mining hardware.” Intel’s new technology could wrestle control from the hands of mining giants by making small time mining profitable.

Bitcoin Mining is directly affected by the rise and drop of Bitcoin value in the cryptocurrency market but is greatly energy-efficient.

Randy Copeland, president of Velocity Micro, a Richmond, Virginia-based systems builder and Intel partner, says:

“Once this new Intel technology comes to market, ultimately more people will mine again because it’s profitable again, driving down the market value of the coins, and finding a new market balance that will again put locations with lower electricity costs back at the advantage.”

Enfonomi, a Twitterati says.

“But computer CPUs are not very useful for mining.”

Mitch – CryptoChief, an Aussie Crypto investor says,

“You do know they create quantum processors. Processors are mining equipment. Quantum processing will drain mining operations making them obsolete. Creating a more centralised currency unless the mining power is still distributed fairly.”

Bitcoin mining is currently dominated by Bitmain technologies ltd., world’s most powerful and efficient Bitcoin miner but due to progress in Bitcoin mining, Intel may be able to beat and take their standing.

Intel is basically developing a system on chip implementing a bitcoin mining hardware accelerator which may include a processor core and a hardware accelerator coupled to the processor core. The hardware is supposed to have a mine digital currency and may include a first computational block including a message digest datapath as well as a second computational block.

Last year also Intel joined hands with a Chinese firm, Tencent for blockchain solutions.

Source: Read Full Article

Leave a Reply