Topic: US Tech Company Intel Files Patent To crypto mining Energy Use (Read 103 times)

I'll believe it when I see it. I have been reading about this or that company (outside of china) getting into the mining battlefield, yet im still waiting for them to drop any devices on it. All I see is "this or that chip", but they aren't building their own ASIC machines, and that is what they need, otherwise Bitmain will just keep being on top.

We need more stuff like Dragonmint. If Intel and co put their resources into Bitmain they can do it.

Patents can end up in mega monopolies in which they control most of the hashrate... a nice way to crash the price. That is why we don't want patents.

This is a good news but first it must prove that it does what it was promised, a lot of people have been waiting for big companies like Intel to enter the mining race and reduce the monopoly of Bitman have on the market. This is good because that means Intel believes in the future of Bitcoin

This is a good news but first it must prove that it does what it was promised, a lot of people have been waiting for big companies like Intel to enter the mining race and reduce the monopoly of Bitman have on the market. This is good because that means Intel believes in the future of Bitcoin

I read about this patent yesterday and I'm curious to see it on action.

35% saving on energy could bring a fresh air to all miners and fresh money into markets, but we need to see it working, not only on paper.

They can patent hardware which is a component of Bitcoin mining though.  That's what their patent announcement sounds like.  Maybe some kind of sub-processor that regulates the actual mining chips. 

With these large technology companies investing millions into research and development on the blockchain platform it proves that bitcoin is not going away any time soon. There is a massive slump from the ATH and weak hands fleeing to the hill, but with intel on board, bitcoin is here for the long haul.

This is good that somebody is trying to reduce the harm on the environment but I don't think telling people what to do is the right way. I believe if we provide an alternative way to mine, or alternative coin that is superior to Bitcoin in that sense, we could reduce the strain on the planet. For instance Richard Heart is going to launch a token called CFD that he claims will reduce the carbon footprint on the world, and at the same time helping with science. If we can create more coins or tokens like this, then we stand to make a difference in the world by using crypto. Again, not sure if patents and forceful nature are the way. Alternatives are better imo.

I'm pretty sure that's where this is headed. They're working on coming out with some new hardware, but because they're a company they need to file patents on things. Especially if they have something they've come up with that will reduce energy consumption. Knowing Intel, it's probably some kind of really low power usage chip similar to the ones Bitmain uses in their asics.

Believe it or not, it helps.  Each drop accumulates.

Re: new mining hardware, Japan entered the arena for a while now and will make Bitmain obsolete soon (comparatively inefficient).

https://news.bitcoin.com/japanese-internet-giant-gmo-launches-mining-business/

It takes time, but they are building the infrastructure to make BTC much more stable and less dependent on China farms.

Patents don't work with Bitcoin, I don't like the idea of patents at all specially in this context. What Intel should do is get their shit together and start competing in the mining game with their own devices. I wonder what the hell are the waiting for. Im 100% sure it will eventually happen, they are just watching each other (Intel is waiting for AMD, nVidia etc to make a move, same for the rest). It just takes one of them and the rest will start getting nervous and not taking part, then it will start escalating very quickly. Monopolies don't last forever and Bitmain has had his time for almost a decade, by 2021 or so I predict big new things in mining.

https://cointelegraph.com/news/us-tech-company-intel-files-patent-to-reduce-bitcoin-mining-energy-use#utm_source=Newsletter1&utm_medium=Email


US technology company Intel has filed a patent for a Bitcoin (BTC) mining hardware accelerator that would reduce the amount of electricity used in crypto mining by “reducing the space utilized and power consumed by Bitcoin mining hardware,” according to a US Patent and Trademark Office patent application released yesterday, March 29.

The patent, originally filed on Sept. 23 of last year, seeks to solve the “challenge for miners” of “search[ing] through the entire nonce space in a brute force manner while minimizing energy consumption per hash and maximizing performance per watt.”

According to Intel, this can be done by “optimizing the critical paths in the computation intensive message digest and scheduler datapaths,” resulting in “extra time” that can “reduce switching capacitance or scale the supply voltage” to create a “35% combinational power improvement in the message digest logic.”

The mining of Bitcoin, which Intel refers to as the “most popular type of (e.g., unit of) digital currency used in the digital currency eco-system,” needs large amounts of electricity to solve algorithms to mine for the coin. Bitcoin mining energy has been called by some as as an “environmental disaster,” while the other side argues that the possibility of using leftover electricity and renewable energy makes mining a “non-issue” for the environment.

The patent application writes 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 negative mining cost ratio, which occurs temporarily during market dips, was pointed out by Fundstrat’s Tom Lee in a report earlier this month.

Intel’s patent application notes that it refers to ASIC implementations for “convenience,” although their system could apply to “any other logic device [...] including, but not limited to Processors, SoCs, and FPGA platforms.”

This patent application is not Intel’s first foray into the crypto sphere. In May of last year, Intel partnered with healthcare transaction service provider and software development firm PokitDok in order to utilize Blockchain technology in the healthcare industry.

In September 2017, Intel announced a collaboration with Chinese media and technology firm Tencent for working on an Internet of Things (IoT) Blockchain solution, and in October, Intel partnered with virtual currency hardware startup firm Ledger in order to use their Blockchain platform for storing crypto holdings.