The global technology giant Intel is in the latest news centered around blockchain on our DC Forecasts crypto news site – this time for winning a patent linked to its work in the area of Bitcoin mining.
The US Patent and Trademark Office this Tuesday awarded the company a patent which outlines a processor which is supposedly able to “conduct energy efficient high performance Bitcoin mining” named as the SHA-256 algorithm used by the world’s largest cryptocurrency by market cap.
According to the reports, Intel has previously tried to get patents related to its work in the area of crypto mining. Also, it was Intel’s foundry that produced the chips for the mining operation run by 21Inc, a company which later rebranded as Earn.com and was ultimately acquired by Coinbase.
As the patent outlines, Bitcoin miners may be rewarded for their efforts by receiving a block reward and transaction fees. Still, the mining machines for the Bitcoin network require hardware accelerators such as ASIC chips and therefore require a large amount of energy.
The patent explains:
“Dedicated Bitcoin mining ASICs are used to implement multiple SHA-256 engines that may deliver a performance of thousands of hashes per second while consuming power of greater than 200 [watts]. Embodiments of the present disclosure employ micro-architectural optimizations including selective hardwiring certain parameters in Bitcoin mining computation.”
The patent also hints that changing the 32-bit nonce is compared for validity and therefore could further lower the power requirements.
“Instead of comparing the final hashing result with the target value, [the] bitcoin mining application may determine whether the hash out has a minimum number of leading zeros,” the patent sums up.
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“An innovative, pioneering spirit is one of the trademarks of Zermatt, which is why we are happy to support residents in providing them with the solutions they require,” he noted.As you may know from our crypto news before, the city of Zug became the first city in Switzerland to accept Bitcoin payments in 2016 as Bitcoin Suisse announced. The capital of the "Crypto Valley" in Switzerland started accepting Bitcoin payments for certain city services such as public utilities in May 2016. The payment was reportedly signed at 200 CHF worth of BTC.The city of Zermatt is now next in the news, as one of the most innovative cities which expand their crypto financial services industry in terms of Bitcoin powered tax payments. In the rest of the world, we can see that many global authorities deem such an option too risky due to Bitcoin's high volatility.
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"Volume tells all,” says the trader Scott Melker as he expects more progress for the dominant coin versus the volume in 2020.In contrast to this, a lot of regular consumers appear only a little interested in Bitcoin and its recent price rise over $9,000. According to what we see in the latest Google search results, the search requests for "Bitcoin" remain flat now.However, we can see many good news on the horizon. The higher price is also subject to a lot of speculation from commentators. An analysis shared on Tuesday showed the trader Tone Vays demanding the $9,000 level hold for at least several days before he considered a bull market in effect.Another indicator called the Bitcoin Fear & Greed Index which charts Bitcoin and its likely price trajectory based on investor sentiment, which is flashing bearish. Currently, with a score of 57, this metric is slanted towards suggesting that the market is "due for a correction."
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