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Intel wins patent for Energy efficient Bitcoin mining

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Many crypto minors are moving out of business as the energy prices required for mining are not sustainable at present. The rise in mining cost is basically because high energy prices add up to an expensive system. The revenue generated now as a reward for mining is much lesser than the cost of mining making the entire process unworthy.
Intel, a very well reputed company for its widely used computer processors, has come with an innovation which will reduce the energy required for mining. The company has won a patent for its work in the area of cryptocurrency mining. Intel was awarded the patent on Tuesday by U.S. Patent and Trademark Office. The outline of the patent granted to Intel claims to conduct, ‘energy efficient, high-performance bitcoin mining’ (SHA-256 Algorithm).
Intel has gone a step forward concerning making energy-efficient processors, than the ones available right now. In the current system, ASIC – Application Specific integrated Circuit does not allow minors to choose the number of times a transaction needs to be processed which in return makes the current process of mining less efficient. To reduce time, energy and non-sustainable methods of verifying transactions, this patent is set to hard wire this part of the mining process.
A few significant challenges faced by miners today are high cost and high energy consumption. GMO, a Japanese internet giant, came out with figures depicting a loss of over $5.5 million in the first three quarters of the year.
The patent explains, ‘“Dedicated Bitcoin mining ASICs are used to implement multiple SHA-256 engines that may deliver a performance of thousands of hashes per second while consuming the power of greater than 200 [watts]. Embodiments of the present disclosure employ microarchitectural optimizations including selective hardwiring certain parameters in Bitcoin mining computation.”
Hardwiring of these limitations in the system will drastically lower the number of computer systems needed for the process of mining which will radically reduce the power consumption by 15 percent. The chip is also going to be smaller in size as compared to the one which is being used right now. The patent claims to effectively lower the cost of mining for crypto miners and eventually making the entire process sustainable. It is inevitable to sustain the crypto market until mining becomes profitable again.

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