Investopedia reported that Intel filed a patent that would make it possible for people to mine Bitcoin faster using low power consumption. Intel has made this possible through manufacturing and using high-grade chips. Intel is a clear leader in the chip manufacturing industry for personal computers. Intel will revolutionize the Bitcoin mining industry.
New cryptocurrency mining technologies?
The technology being used by Intel is System-On-a-Chip (SOC). It comes with an inbuilt hardware that accelerates the entire mining process. For instance, seventeen millionth bitcoins were mined out of a grand total of twenty-one million on the 26 April 2018. The completion of this milestone means that mining the flagship cryptocurrency will get harder and harder.
Using this technology, Intel has a huge opportunity to help miners around the world do more with less. Miners require sophisticated mining machines and equipment plus an uninterrupted supply of electricity to earn and maintain their profits. The system being proposed will come with a variety of elements such as logic device, processor farm and an integrated circuit.
The system will operate through limiting the search space which is needed to realize the next nonce to solve an equation related to mining. If the problem is not solved, the functional chip will change the arrangement of transactions which have not been processed.
The process described above is difficult to be executed by most systems being used by miners around the world. Although Intel has taken a big initiative to improve the mining sector, it is not alone. Other successful and popular organizations such as Samsung are developing chips Application Specific Integrated Circuits (ASICs) for bitcoin miners.
Every miner is conversant with how mining activities guzzle excessive power and produce high levels of heat which is very unfriendly to the ecosystem. Fortune magazine reported that Bitcoin mining consumes more energy than all electric cars in the whole world put together. Researcher Morgan Stanley also found out that the electricity demand of pioneer cryptocurrency can be higher than that of Argentina by the end of this year.
This news has made several organizations involved in the blockchain mining industry to establish larger mining rigs. These rigs are entirely powered by renewable energy. Among these organizations, is the GMO group. GMO group is a Japanese corporation that started bitcoin mining on its facility which is run entirely on green electricity since December 2017.