Decentralized & environmentally friendly: Intel makes Bitcoin mining attractive

Intel plans to break the Bitcoin mining monopoly of Bitmain Technologies Ltd. in China. With a new process, bitcoin mining is not only intended to conserve resources, but also to become more profitable again for individuals.

In addition to the recurring lighting network, the leading crypto currency is repeatedly accused of consuming too much energy. Mainstream media talk about the energy monster Bitcoin. Bitcoin mining in particular is coming under fire here. In times of global warming, these are certainly questions to be answered. Moreover, especially if you have the vision of a decentralized payment system with which the cash flows are to become fairer. As things currently look, Intel has a solution to this problem up its sleeve.

Bitcoin mining is anything but decentralized at the moment. Bejing-based Bitmain Technologies Ltd. currently controls not only some of the largest mining pools. Above all, they produce mining hardware and the matching chips. In 2017, Bitmain Technologies Ltd. is said to have generated between three and four billion US dollars in profits from hardware, software and mining. Now the Californian company Intel apparently also wants to make a piece of the cake and bitcoin mining more profitable again for individuals.

Bitcoin mining to cost less space and energy in the future

Intel has filed a patent for this, with which they want to drastically reduce the space and energy required for bitcoin mining in the future. With increasing power consumption and falling bitcoin prices, mining became less and less profitable for individuals. If Intel’s new technology prevails, Bitcoin mining can become more profitable again, not only for individuals. Also, the monopoly currently held by a single company would slowly be broken up again. With the new technology, Intel promises to reduce power consumption by up to 35%. The “Bitcoin Mining Accelerator” technology should therefore be applicable to ASICs, SoCs, CPUs and FGPAs.

Intel’s approach is an important step in adapting reality back to the basic idea behind Bitcoin. Finally, Satoshi Nakamoto’s white paper was about breaking monopolies. However, the status quo is currently moving in the opposite direction: both the mining of Bitcoin and its distribution on the stock markets is centralized and thus in the hands of the “big players”. But as soon as this monopoly breaks up again, Satoshi’s vision becomes more tangible again. Also the starting difficulties Bitcoin is still struggling with are slowly but surely solved. Just as the lighting network is facing the problem of scalability, bitcoin mining will also emancipate itself. Once this has been achieved, the mainstream adaptation is one less obstacle. These are ultimately the steps it currently takes to get Bitcoin and its competitors back on track. While the Lambo hype is currently flattening out, the crypto-ecosystem needs to grow up. Then we can really get started.

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