Intel files new patent for efficient Bitcoin(BTC) Mining

According to U.S. Patent and Trademark Office(USPTO), American chipmaker Intel successfully filed for a new patent “energy-efficient high-performance Bitcoin mining,”

The processor is precisely made to mine cryptocurrencies that are created on an SHA-256 algorithm such as Bitcoin.

As there are rising concerns over the electricity consumed for mining Bitcoin and other altcoins; a feature like this has drawn in much criticism to the industry as price unpredictability, companies are now looking for something more economical approach.

The two significant challenges that crypto-miners face presently are energy consumption and cost. Earlier in November, GMO, Japanese Internet mining company, announced its business reported a $5.5 million losses during the third quarter of this year.

With the filing of a new patent, Intel plans to reduce energy for Bitcoin mining to 15 percent, according to the report published on November 27.

Intel aims to build hardware and technology offering miners an advantage in mining crypto coins while doing it in a more energy efficient manner.

The document mentions that “clusters of SHA engines may consume a lot of powers (e.g., at a rate of greater than 200 W).” Also adding:

“Embodiments of the present disclosure include energy-efficient ASIC-based SHA engines that consume less power for Bitcoin mining operations.”

Beginning of this year, Intel collaborated with Enigma, decentralized application platform(dAaps), to create a blockchain testnet that provides for scalable end-to-end decentralized applications.

To address “gaps in the market” that provide solutions for blockchain systems, Intel partnered with software company SAP.

If the crypto market fails to recover from the current track, it is not surprising if the patent could also fail anytime soon; not unless mining becomes rewarding again.