Several cryptocurrency mining services are right now bidding adieu to business, basically due to high energy costs and the growing complexity of mining, which results in a loss-making system. The mining incentive is not worth the endeavor.
But Intel hopes that with its latest patent it can combat high power utilization. This week, the chip manufacturer effectively patented a processor asserting that it will offer high-performance Bitcoin BTC mining in an energy-efficient package.
The processor is structured specifically for mining cryptocurrencies based on the SHA-256 algorithm, such as Bitcoin. Intel seems to have created a chip that makes a stride forward than the standard Application Specific Integrated Circuit (ASIC) miner in order to turn the processor extra energy proficient than current systems.
Part of the mining function includes the handling of transaction-specific information only once. Like Antminers, current ASIC miners handle these data at numerous stages. According to Intel, this makes the procedure less competent.
The patent aims to link this part of the mining procedure to a processor section in order to decrease the time, power and repetition necessary to confirm a transaction and mine a block. In fact, energy utilization and costs are presently two of the greatest challenges facing crypto miners. Earlier this month, the Japanese Internet giant, GMO, announced that it had lost $5.5 million in its mining business during Q3 this year.
If the cryptocurrency market proceeds in the present trajectory, it will not be completely astounding if nothing ever comes from this patent – at least until mining returns to profit.