The latest move from the tech giant Intel paints a bullish picture for the future of Bitcoin mining and blockchain efficiency. Think 1000x better Bitcoin mining performance kind of bullish. Covered: Intel Initiates Blockchain Accelerator Unit What This Means For Bitcoin Mining Intel has been digging deep down the Bitcoin and crypto rabbit hole for […] The post Intel Has A Plan To Scale Bitcoin; Big Buyers Are Already Lined Up appeared first on CryptosRus.

Intel Has A Plan To Scale Bitcoin; Big Buyers Are Already Lined Up

The latest move from the tech giant Intel paints a bullish picture for the future of Bitcoin mining and blockchain efficiency. Think 1000x better Bitcoin mining performance kind of bullish.

Covered:

  • Intel Initiates Blockchain Accelerator Unit
  • What This Means For Bitcoin Mining

Intel has been digging deep down the Bitcoin and crypto rabbit hole for a while now, it seems. With the tech company’s most recent announcement, however, it appears that Intel is ready to dive headfirst into leading the future of energy-efficient Bitcoin and crypto mining — and they’re garnering support from major Bitcoin companies.

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So Intel is creating a ‘blockchain accelerator’ unit, which is cool, but what does that mean exactly? It’s a lot bigger of a deal than it may sound. According to the announcement from Raja Koduri, the senior vice president and general manager of the Accelerated Computing Systems and Graphics Group at Intel, the company is going to be building new processors and better technology, shipping later this year, to advance blockchain development in a massive, yet ESG friendly way.

“Intel will engage and promote an open and secure blockchain ecosystem and will help advance this technology in a responsible and sustainable way.  

 

We are mindful that some blockchains require an enormous amount of computing power, which unfortunately translates to an immense amount of energy. Our customers are asking for scalable and sustainable solutions, which is why we are focusing our efforts on realizing the full potential of blockchain by developing the most energy-efficient computing technologies at scale.”

What This Means For Bitcoin Mining

So why is this such a big deal for Bitcoin mining and, thus, the future of crypto in general? According to the release, Intel expects their circuit innovations will improve the efficiency of mainstream GPUs by more than 1000x over time. I wonder if we’ll be mining Bitcoin with our smartphones one day.

“Intel Labs has dedicated decades of research into reliable cryptography, hashing techniques, and ultra-low voltage circuits. We expect that our circuit innovations will deliver a blockchain accelerator that has over 1000x better performance per watt than mainstream GPUs for SHA-256 based mining.  You will be able to learn more about our circuit innovations at the International Solid State Circuit Conference (ISSCC) this month.“

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However, Some Bitcoin miners felt that the comparison to GPUs was a stretch, as most miners use ASICs these days instead of GPUs for Bitcoin mining. Regardless, the sentiment remains true: Intel wants to lead the way in speeding up mining technology.

If Bitcoin mining is to become as big of an industry as required to secure a global financial system, then Intel’s push into the industry is a major competitive checkmate on all other tech companies wanting to get involved. And they’ve already got support from some big names, including Bitcoin mining companies Argo Blockchain, GRIID Infrastructure, and most notably, Jack Dorsey’s Block, so competitors have some catching up to do.

“Our blockchain accelerator will ship later this year. We are engaged directly with customers that share our sustainability goals. Argo Blockchain, BLOCK (formerly known as Square), and GRIID Infrastructure are among our first customers for this upcoming product. This architecture is implemented on a tiny piece of silicon so that it has minimal impact to the supply of current products.”

The geopolitical race for Bitcoin mining is already on between the US and Russia as we speak, and companies are piling into the industry to get involved before the crypto asset class goes mainstream. With mainstream tech companies like Intel getting involved to speed up Bitcoin mining, we can expect crypto adoption to speed up as well as competitors rush in to keep up.

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