Intel Awarded a Patent for an Energy Efficient Bitcoin Mining Process

Intel Awarded a Patent for an Energy Efficient Bitcoin Mining Process

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On Nov. 27, the world’s second-largest semiconductor chip maker, Intel, was granted a patent for a processing system that mines Bitcoin but utilizes more “energy-efficient hardware accelerators.” According to the patent called the “Optimized SHA256 Datapath,” the newly invented “high-performance” Bitcoin mining process could reduce overall power consumption by 15 percent.

Also read: Sirin Labs Launches Blockchain-Centric ‘Finney’ Smartphone

Intel Awarded a Patent for a New Bitcoin Mining Process

The Intel corporation, headquartered in Santa Clara, California is well known for being a competitive chipset manufacturer. Last Tuesday the company was granted a patent by the United States Patent and Trademark Office (USPTO) which describes a specialized processing system for mining the SHA256 algorithm. The patent was filed on June 29, 2016, and the concept was invented by three individuals from Hillsboro, Oregon.

Intel Awarded a Patent for an Energy Efficient Bitcoin Mining Process
Intel’s latest patent claims the corporation has invented a more efficient SHA256 mining (BCH, BTC) process. The mining process is optimized by using SHA256 datapaths. 

The invention claims to be a more efficient mining processor with hardware accelerators that can narrow overall power consumption compared to today’s application-specific integrated circuit (ASIC) machines. The patent’s description is 29 pages long and contains figures which illustrate the processing system. The invention could comprise of various things like a “chipset, or a portion of a chipset.”

“Embodiments of the present disclosure include energy-efficient ASIC-based SHA engines that consume less power for Bitcoin mining operations,” explains the patent.

The Intel patent explains that Bitcoin’s technology “resolves the ‘double spending’ problem,” but further emphasizes that processors today that are mining cryptocurrencies consume enormous amounts of power. Intel says some “clusters of SHA engines” consume more than 200 watts. The invention claims it will take advantage of a myriad of SHA-256 stages and methods of processing hash by utilizing optimized data paths.

Intel Awarded a Patent for an Energy Efficient Bitcoin Mining Process
Intel’s Bitcoin mining patent approved on Nov. 27, 2018.

Intel’s Competition is Samsung

Intel stepping into the Bitcoin mining arena is interesting but it’s not the corporation’s first taste of cryptocurrency solutions. At the Money 20/20 event in 2016, Bitpay announced that Copay wallet users would get “hardware-level security” with Intel’s Software Guard Extension (SGX). A year later the digital currency hardware wallet manufacturer Ledger revealed it had partnered with the multinational technology firm. Ledger explained at the time that the organization’s operating system BOLOS would be tied to SGX.

Intel Awarded a Patent for an Energy Efficient Bitcoin Mining Process

The company’s latest patent, however, seems to focus more on what Intel is best at, which is creating high-performance semiconductor chips. At the moment, Intel is the second highest valued semiconductor manufacturer in the world with Samsung sitting on the throne. Samsung has already started producing commercial grade ASIC chips for certain Bitcoin-based mining businesses and has a lead on Intel so far. The Bitcoin mining process developed by Intel shows the corporation definitely wants in on this innovative and growing industry of “SHA engines.”

What do you think about Intel’s Bitcoin mining patent? Do you think Intel plans on being more involved within the cryptocurrency industry? Let us know what you think about this subject in the comments section below.


Images via Shutterstock, USPTO, Pixabay, Intel, and Samsung logos. 


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GMO Reports $5.6 Million Q3 Loss on Crypto MiningBusiness

Bitcoin mining

Japanese IT giant GMO has reported a loss of 640 million yen (about $5.6 million) for its cryptocurrency mining business in the third quarter of 2018.

Revealed in the firm’s latest financial report, published Monday, that figure is markedly worse than its Q2 loss of 360 million yen (around $3.2 million). GMO put the drop down to a “worsening” external environment and increasing depreciation costs.

Overall, however, the firm saw a slight increase in revenue from mining, with Q3 revenue coming in at 1.23 billion yen ($10.78 million) as compared to 1.17 billion yen ($10.26 million) in Q2.

The firm mined a total of 1,590 bitcoins and 25 bitcoin cash in Q3, according to its latest monthly crypto mining business report.

GMO also provided data on its mining capability, or hashrate, which saw an increase to 674 petahashes per second (PH/s) in October as compared to 479 (PH/s) in September. The firm indicates it is aiming to achieve 800 PH/S within the year.

Meanwhile, the company’s exchange business has more positive news for Q3, netting profits of 740 million yen (about $6.5 million) – that’s up 34.4 percent compared to the previous quarter. Revenue came in at 1.36 billion yen (about $11.92 million) for the same period.

Overall, the crypto segment also saw an increase in Q3 revenue, although profit again declined from the previous quarter. Net sales are reported at 2.6 billion yen (about $22.80 million), while overall profits declined to 104 million yen (about $912,840).

GMO said in a separate report that its cryptocurrency mining loss was offset by profit seen in the cryptocurrency exchange business.

Finally, shipments of GMO’s new 7nm B3 mining rig, which were originally scheduled to start in October, are being delayed by a shortage of some some electronic components, the firm said.

Bitcoin mining image via Shutterstock