Receive all Bitcoinist news in Telegram! Intel Corporation is interested in developing specialty hardware last block bitcoin mining the mining of Bitcoin, which may help small-time miners once again turn profits.
A System on Chip implementing a Bitcoin mining hardware accelerator may include a processor core and a hardware accelerator coupled to the processor core. In laymen’s terms, Intel’s new hardware would theoretically make Bitcoin mining less energy intensive, and thus more profitable. In addition to operating several of the world’s largest Bitcoin mining pools, Bitmain manufactures ASIC chips and the mining hardware that uses those chips. Intel, however, is set to add some competition for Bitmain’s centralized monopoly. Bitcoin mining is currently incredibly energy-inefficient and has proven to be less profitable the more the price of Bitcoin decreases. This, in turn, has forced out many small-time miners while increasing the stranglehold on the sector by large-scale operations, such as Bitmain. However, Intel’s new technology could make small-time mining profitable once again and, in doing so, help wrest control from the hands of mining giants.
Once this new Intel technology comes to market, ultimately more people will mine again because it’s profitable again, driving down the market value of the coins, and finding a new market balance that will again put locations with lower electricity costs back at the advantage. Intel has previously shown an interest in cryptocurrency. Last year, the semiconductor-producing giant partnered with Chinese firm Tencent for an Internet of Things blockchain solution. What do you think about the cost of Bitcoin mining? Would you be interested in more energy-efficient mining solutions from Intel? Let us know in the comments below!
Images courtesy of Shutterstock, Bitcoinist archives. Is the Catholic Church the Next Stop on the Blockchain Train? In an effort to pin Bitcoin’s price drop on anything other than sellers overpowering buyers, mainstream and cryptocurrency-focused media have been eager to blame Coinrail — an irrelevant and incredibly minor cryptocurrency exchange in South Korea. However, the hack of Coinrail is not to blame for the flash crash. Market manipulators and panic sellers are.
The wealth management firm is looking for employees to run its internal Bitcoin fund that was launched last year. Two key members of Fidelity’s crypto-team have left the company for other projects. Fidelity Expanding into Crypto Fidelity launched a small, experimental fund in the latter half of last year during the run-up of the winter bull run. The fund provided an avenue to use the firm’s capital to invest in cryptocurrencies and other crypto-related companies. Join over 94,000 students, learn all you need to know about Bitcoin. One Email a Day, 7 Days in a Row.