According to the US Patent and Trademark Office, Intel released a patent application on March 29 for a Bitcoin Mining accelerator that has the potential to lower energy consumption of Bitcoin Mining machines.
The patent was originally filed last year in September and seeks to resolve the biggest problem for both the environment and miners back pockets. Intel seeks to minimize energy consumption per hash and maximize efficiency for every watt.
To achieve this, they aim to optimize the critical paths in the data paths which will ultimately create a 35% efficiency increase.
Currently, the mining of Bitcoin which remains the most popular to date, requires large amounts of energy to solve the complex algorithms. More recently governments are moving away from Bitcoin mining labelling it as and environmental disaster which puts to much strain on the power grids. However, some argue that the future in Bitcoin mining is using leftover electricity or finding green alternates such as solar, wind and hydro plants.
The patent application filed by Intel states that “because of the large amount of power utilized, and the relatively high cost of that power, mining Bitcoins can be a very costly endeavor. In some embodiments, the cost to mine a single Bitcoin may exceed the value of the mined Bitcoin.”
This is even more evident in the current market with Bitcoin dipping to under $7000 which is more then likely creating a negative mining ratio some miners paying a higher price for power.
If Bitcoin and other cryptocurrencies are here to stay then we believe this is the right step towards the future of efficient mining.