While people in the United States are looking at their March Madness bracket, Intel has a bracket busting announcement that looks like a win for the environment and Bitcoin miners. The company has announced that they have a new chipset that is designed to mine cryptocurrency while being energy-efficient. That groundbreaking technology can help Bitcoin, which has been the target of environmentalists for its excessive energy use.
GRIID Infrastructures, a Bitcoin mining company, is making a bet on this technology and has already made orders of this new chipset for their computers for mining Bitcoin. While these chipsets won’t be available until later this year, it hasn’t stopped Bitcoin mining companies from making preorders. Intel calls their new chipset a “blockchain accelerator” that “has over 1000x better performance per watt than mainstream GPUs for SHA-256 based mining.”
Jack Dorsey’s Company is also Getting Pre-Orders of the New Intel Tech
Dorsey’s company Block, which use to be known as Square, is also investing in the new Intel chipset. While Block’s number of chips pre-ordered is unknown, one can assume that the preorder will be significant, seeing that Block is a payment processing company that accepts Bitcoin for payments. With Block getting these preorders, Intel has two huge companies buying into this new technology.
Intel Set to Release More Information on its New Tech Later in February
The details for this new blockchain accelerator chipset are still unknown. However, Intel will give more information at the International Solid-State Circuits Conference (ISSCC), which kicks off on February 20th of this year. Intel is set to have their slot for the ISSCC on February 23rd during the conference. All eyes will be on that date, as Intel will give more information on their new technology that can change the world of Bitcoin as we know it.
Why is this New Technology A Gamechanger for Bitcoin
Bitcoin is well-known for all the electricity needed to process Bitcoin transactions, along with the electricity used to mine for Bitcoin on computer systems. If a chipset can cut down on Bitcoin’s carbon footprint, people will be more receptive to Bitcoin. That will help Bitcoin in a wide range of things, including the potential for the cryptocurrency to see new highs in its value due to becoming more environmentally friendly.
While some people think renewable energy would be best for Bitcoin’s carbon footprint, a more efficient chipset actually helps out Bitcoin the most. That is due to how much processing power is needed to mine for Bitcoin. Renewables can’t sustain Bitcoin in its current state. However, if there is a chipset that lowers the power consumption when mining for Bitcoin, then renewables would start to be an excellent option to lower Bitcoin’s carbon footprint even more.
The Future for Bitcoin Looks Bright
With Intel focusing on a chipset geared towards the mining of cryptocurrencies like Bitcoin, it looks like Bitcoin’s future will be a little more bright with this new tech. While segments of the business world are still skeptical of Bitcoin, Intel is changing the way people will look at cryptocurrencies by helping reduce their impact on the global environment. That focus helps Bitcoin and the world as people look to both have a decentralized currency and a sustainable planet for future generations.
Depending on how much of an impact this new Intel technology can make with Bitcoin, we could see Bitcoin’s value go up after the details are made public at the ISSCC. For people who are investors of Bitcoin, that ISSCC announcement should be on your calendar as whatever Intel announces could impact Bitcoin in the market. If this new technology is as good as Intel has teased about it, Bitcoin could be on track to recover its losses since the beginning of 2022 and possibly break a new all-time high.
No matter how big or small this technology can help cut down on Bitcoin’s energy use, every little bit helps. That impact can help Bitcoin in the markets, as countries that see Bitcoin as a threat to the environment might have second thoughts on Bitcoin if this tech can make a significant impact on Bitcoin’s electricity consumption.
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