Intel Launches Patent for an Innovative Cryptocurrency Mining Accelerator

Intel Launches Patent for an Innovative Cryptocurrency Mining Accelerator

April 24, 2018 Off By Steven Anderson

Intel, one of the biggest semi conductor firms has requested a patent for an innovative mining chip accelerator for Bitcoin. Known as “Bitcoin Mining Hardware Accelerator,” this patent was submitted in 2016 however is now being publicized for the first time.

Cryptocurrency and bitcoin mining has long been under inspection for the extreme energy it supposedly uses. For instance, countries such as Iceland admit that more energy is utilized to mine Bitcoin than to power its habitations, while cities like Plattsburgh, NY – a once famous sanctuary for commercial Bitcoin mining have forced strict moratoriums to reduce the growing needs of the miners and the surging prices of electricity.

Intel asserts to have discovered a more cost-effective and reasonable way to mine bitcoins. The patent tells the product can lessen energy utilize by up to 35% while reducing financial needs and mining more bitcoins within the process.

Intel discusses that one of the most rigorous and costly steps involved in any mining venture is searching the 32-bit field. The value is set so the block hast includes a solid set of zeros. After the calculation is done, such zeros are linked to the headers.

The conventional 256-bit hash is fewer than the pre-defined threshold value. Basically, there are 2 major computational blocks included: a message digest and a message scheduler. Both blocks collaborate to unit various 32-bit additions and 32-bit words that can carry energy use down.

However, various concern exists within the current mining community. Energy prices in the majority of the US are raising, while other countries like China – major locations for mining operations because of their affordable energy supplies – have wanted to slow cryptocurrency innovations through “clamping down” on miners or controlling accessible energy.

Probably the biggest issue stems from the current price of Bitcoin. At press time, single bitcoin is trading for at least $6,600 – a huge drop from the more than $8,000 mark seen earlier. Figures such as Thomas Lee of Fundstrat tell that bitcoin mining is no longer lucrative, with majority of miners either falling short of breaking even what they gain and what they have spent to mine coins.

According to the Intel partner and Randy Copeland and the president Velocity Micro, they claimed that the new accelerator of Intel could transform stuff for the better. This is not the first try of Intel to join the cryptocurrency world. Last May, the firm affiliated with healthcare transaction provider Pokitdok to assist bring blockchain tech to the healthcare field. Executives also participated with Chinese media and tech company Tencent in September to work with a new blockchain resolution.

The action of Intel could prove to be essential. Patents among several Bitcoin firms have been thought “unethical,” as the original bitcoin software is accessible easily as an open-source software. On top of that, patents from Bitcoin mining items provide problems about the decentralized nature as well as the effectiveness of the industry.

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