US tech giants Intel has filed for a patent for a hardware accelerator for bitcoin mining chips. The mining of Bitcoin needs huge amounts of electricity to solve algorithms to mine for the coin.
Mining activities in Iceland has exceeded power consumption of the entire country of Iceland. This was widely criticized as being as one of the biggest environmental disaster caused by the tech world. Supporters of the technology were of the opinion that the electricity they consume would have gone for waste anyways and use of renewable energy is not an issue for the environment anyways..
This may also reduce the rising costs of GPU throughout the world as the rising demand for high processing power has driven up the costs of GPU.
However, Intel has notified that their accelerator approach could reduce power use by as much as 35 percent when compared to a general-purpose processors. Intel suggests that the concept isn’t limited to application-specific integrated circuits, but processors and platforms as well. This means that this accelerator could be applied to any form of mining set up.
The patent had been filed on Sept 23 2017 to seek to solve the challenge for miners.They do so by searching through the entire nonce space in a brute force manner while minimizing energy consumption per hash and maximizing performance per watt. This patent wasn’t Intel’s first foray into Crypto sphere. In May of last year, Intel had partnered with healthcare transaction service provider and software development firm PokitDok in order to utilize blockchain technology in the healthcare industry.
This is not the first time that a company has been trying to solve the problem of energy optimization for mining. Many startups in silicon valley like 21 Inc (later changed to Earn.com) have tried but failed at this attempt.