Swathes of crypto mining ventures are currently failing in the business, largely because of expensive energy costs and the increasing hardship of mining, which contributes to an unprofitable system. The output result of mining isn't worth the exertion. But Intel believes it can contend high power usage with its new patent.
The chip manufacturer successfully filed a patent this week for a processor which claims to provide high-performance Bitcoin (BTC) mining, in a power-efficient package.
The processor is explicitly designed to mine cryptos built on the SHA-256 algorithm, such as BTC.
To make the processor more power efficient than the current systems, Intel seems to have created a chip which goes beyond a standard ASIC miner.
Part of the mining exercise needs specific transaction data to be processed just once. Present Application Specific Integrated Circuit (ASIC) miners, such as Antminers, process this information in several stages. This makes the exercise less energy consuming than it could be, Intel revealed.
The patent considers connecting this part of the mining exercise into a section of the processor to lower the amount of time, power, and superfluous processes needed to confirm a transaction and also mine a block.
In fact, power consumption and cost are the greatest hindrances crypto miners experience so far. Earlier in November 2018, Javanese internet bull, GMO, announced its mining business registered a $5.5 million loss in the third quarter of 2018.
If the crypto market continues to follow the current trend, it's more likely that nothing will come out of this patent - not until mining becomes lucrative once again.