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Intel wins patent for energy-efficient bitcoin mining

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    Intel which is a global Tech Giant and is known for its computer processors which are widely used has recently won a patent which was connected to crypto-currency mining.

    The Patent and Trademark Office of the United States on Tuesday awarded the Tech giant, Intel, a patent for its processor.

    The speciality of this processor is that it is able to conduct the mining of the Bitcoin in an energy efficient manner thereby giving high performance.

    The Office specifically named the algorithm SHA-256 that is used by Bitcoin which is the largest crypto-currency in terms of market capitalization.

    Source: i-invdn-com.akamaized.net

    According to reports, Intel has been seeking patents related to this work of the company in the arena of crypto-mining.

    It was the foundry of Intel that they produced the chips for the operation of mining which was run by 21 Inc and that was rebranded later as Earn.com. This Earn.com was eventually acquired by CoinBase.

    As per the patent, the miners of the bitcoin might be rewarded for the efforts put forth by them and they will be receiving block rewards as well as transaction fees.

    But the machines for the mining of bitcoin which is the largest crypto-currency usually requires hardware accelerators.

    Source: i-invdn-com.akamaized.net

    These accelerators include the ASICs which is the abbreviation for the Application Specific Integrated Circuits and because of this they require huge amount of energy.

    The accelerators are required particularly for the processing of 32-bit nonces which are actually strings of bits that are used only once during the transaction.

    Therefore by hardwiring these parameters one would only lower the number of the required computations and then estimating a system of this sort would only reduce the amount of the energy in terms of powered consumed for a chip by as much as 15 percent.

    Source: CoinDesk, Investing

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