As of March 29, Intel had applied for a patent in USA to create a Bitcoin mining hardware accelerator. The American technology company is famous for its computer processors that go into everything from traditional iMacs to the brand new HP Spectre x360s.
Intel has decided to get into the world of cryptocurrencies due to a common problem faced by Bitcoin miners worldwide – skyrocketing electricity prices due to the need for computers with increasingly high processing powers.
This rising electricity cost has had an unsurprising impact on the environment. At the time of writing, Bitcoin mining costs 58.83 terawatt-hours. For the less scientifically minded among us, that is equivalent to the energy consumption of the entire nation of Colombia!
Unsurprisingly, companies worldwide have been looking for the solution to this dilemma for a while. However, because of Bitcoin’s algorithm that has been designed to consistently require increased processing power to mine coins, no one has been able to come up with a solution.
However, there are loopholes in the system that can be exploited to mine Bitcoin for relatively cheap and in an eco-friendly manner. For example, Brian Tehako of Blockchain Capital Management and Mining had an ingenious solution – move your mining rig facility to Iceland where electricity costs are cheap and energy is completely sourced from renewable resources!
Only time will tell whether Intel can come up with a good enough device to cut electricity costs. However, this move is the latest of many by a mainstream technology company in the cryptocurrency space. Just recently, Jack Dorsey of Twitter claimed that Bitcoin was going to become the “single currency” of the Internet and the world.