coincentral-main-menu-search-eyeglass
Hamburger X.

Intel Is Working on an Energy Efficient Bitcoin Mining System

Intel has successfully filed for a bitcoin mining SHA-256 datapath patent.

Intel has obtained a bitcoin mining SHA-256 datapath patent that covers a processor and hardware accelerator. The United States Patent and Trademark Office awarded the patent.

The patented hardware is designed to provide greater mining energy efficiency by reducing the circuit area and power consumption. It achieves this by harnessing a series of hardware accelerators and targets various stages of the hashing process.

The system also features micro-architectural enhancements and utilizes selective hardwiring of parameters to alleviate the recurrence of computations, thereby reducing power consumption by up to 15 percent.

In September, Intel had also filed a related patent application for a bitcoin mining hardware accelerator designed to lower energy consumption per hash while increasing performance per watt. The new innovation was aimed at minimizing the time required to find the 32-bit nonce in a bitcoin block.

The news comes in the wake of a bitcoin price fall that has led many miners to drop out due to diminishing returns. As the market nosedives, companies are working harder to acquire more efficient mining technology to reduce overheads.

Right now, bitcoin mining costs are going down due to the reduction of mining difficulty in tandem with falling hash rates. Thanks to the intellectual brilliance of Satoshi Nakamoto, the pseudonymous entity that developed the bitcoin network, its algorithm adjusts mining difficulty after every 2016 blocks.

As more miners turn off their machines, the process becomes easier and inherently consumes less energy.

Energy Efficiency a Growing Necessity in Bitcoin Mining

Although bitcoin now changes hands at about $3,400, a significant tumble from the $6,400 rate it held just a month ago, there is hope that more efficient devices and a sustained drop in mining difficulty will begin to favor smaller miners.

As tech companies focus on improving processing power and related technology used in hardware, mining farms have been forced to seek cheaper, renewable energy sources. This is in a bid to reduce energy consumption costs which significantly impact mining profitability.

It is expected that consistent development of more efficient crypto mining hardware by tech companies will stimulate the growth of the industry in the long-term.

(Featured Image Credit: Intel)

NEWSLETTER

Newsletter (Sidebar)

  • This field is for validation purposes and should be left unchanged.

RELATED ARTICLES

Beginners Guide: What is Bitcoin?

The Bitcoin world is abuzz with both excitement and curiosity… and the opportunity for upside potential to…

Read More
Ethereum 2.0

Ethereum 2.0: Is the Interest Real or Hype About Nothing?

Ethereum 2.0 is the next level of the Ethereum platform which will introduce several...

Read More
NGC

NEO Global Capital on the Cryptocurrency Investment Landscape

If you’re reading this, chances are you have experience or are interested in trading or investing in…

Read More

NEXT ARTICLE

Getting Started Gold Bars.

NEXT ARTICLE

Ethereum 2.0: Is the Interest Real or Hype About Nothing?

Ethereum 2.0 is the next level of the Ethereum platform which will introduce several new features aimed at scaling the platform and adding value for its many users and dapps.

ABOUT THE AUTHOR

Getting Started Gold Bars.

ABOUT THE AUTHOR

Elizabeth Gail is a crypto-enthusiast and blogger. Her specialties include cryptocurrency news writing and analysis. When not writing about crypto, she’s out taking part in humanitarian endeavors across the world. For any news tips or coverage, you can reach out and engage with her on Twitter at @Lizbarret001. You can also email her at gailelizabeth100 (at) gmail dot com.