Intel’s Bitcoin Mining Chip Accelerator
The tech mega-giant Intel has recently filed a patent for its latest Bitcoin mining chip accelerator. Intel titled the patent as “Bitcoin Mining Hardware Accelerator with Optimized Message Digest and Message Scheduler Datapath” while originally submitting the patent in the month of September back in 2016.
Cryptocurrencies have been in the negative light for quite a long while due to the amount of energy used to mine cryptocurrencies. As reported by Digiconomist, Bitcoin has an annual energy consumption of 58.83 TWh worldwide. If you’re wondering how much that is in layman terms, that is a little more than the annual energy consumption of Switzerland.
The tech mega-giant has made the accelerator keeping the excessive amount of energy cryptocurrency mining consumes in mind. Intel claims to have come up with a much more cost-effective and reasonable way for mining bitcoins.
As mentioned in the patent, the product can reduce the energy consumption by up to 35 percent. This breakthrough product in the world of cryptocurrencies would not only lower the financial requirements but would also mine more bitcoins.
According to Intel, one of the costliest computations while mining bitcoins is finding the 32-bit field. The value of this field is set in such a way that its hash contains a nonce (a run of zeroes). Once computed, it is appended to the headers, previous hashes, and the hash of the transaction hashes in the blockchain.
The solution provided by Intel uses a 256-bit hash which is lesser than the predefined value. The message scheduler and the message digest work, two primary computational blocks used in the solution, work together and combine several 32-bit additions and 32-bit words, the energy used.
Randy Copeland, an Intel partner and the president of Velocity Micro, said, “Once this new Intel technology comes to market, more people will mine again because it’s profitable again, driving down the market value of the coins and finding a new market balance that will again put locations with lower electricity costs back at the advantage”
The news has rekindled hopes of many cryptocurrency enthusiasts who had lost faith in cryptocurrencies due to the recent drop in the rates of cryptocurrencies. Its use, however, is still debatable since with the product, Intel may become a dominant player in the mining world, which could lead to the exit of many companies, effectively making the system less decentralized.