World’s second largest semiconductor chip maker Intel has submitted a patent application for an advanced hardware accelerator for Bitcoin mining. Intel assures that the new Bitcoin Mining Hardware Accelerator will reduce the energy consumption by a huge margin, making Bitcoin mining more profitable. Currently one of the most discouraging facts in Bitcoin mining is that the energy consumed to mine a single coin costs much more than the value of a coin. Intel says that “The challenge for miners is to search through the entire nonce space in a brute force manner while minimizing energy consumption per hash and maximizing performance per watt.”
According to Intel the new chip cuts down energy consumption through more than just hardware improvements. “Moreover, the apparatuses, methods, and systems described herein are not limited to physical computing devices, but may also relate to software optimizations for energy conservation and efficiency” the patent document says.
Since its rise in popularity, Bitcoin mining hardware has lured major chip makers into a competition, and new inventions have been entering the market on a daily basis. It was recently reported that major chip makers Nvidia and AMD have been challenged by the Chinese chip maker Bitmain. The news of Intel entering the Bitcoin mining industry will take the competition to a whole new level. With more than 250 billion in value, the cryptocurrency market is a valuable target for any investor.
According to the submitted patent document Intel has hopes beyond Bitcoin mining with the new Bitcoin Mining Hardware Accelerator. “Furthermore, it should be noted that although the operations and embodiments herein are described with respect to Bitcoin mining, they are generally applicable to all hashing functions,” it says. With their tentacles everywhere one can only expect Intel to make the maximum profit by adapting the new technology to every profitable market.
All recent headlines have been about the possible demise of Bitcoin but the leading tech giants are busy developing new technologies which make us think twice about what is really happening out there.