Intel has invented a system that is more energy efficient and uses less energy for mining bitcoin. Previously PoW (Proof-of-Work) system was being used that consumes a significantly large amount of energy resources and was a possible threat to the environment. Leveraging this very reason, Intel designed and had been granted with a patent receiving legal protection for this energy efficient system.
Energy efficiency is achieved by inserting some specific constants into the hardware. This reduces the need for getting information repeatedly, and there is no need for a software or any type of evaluation of information. The legally protected design can be inserted into numerous types of system and is not limited to be used only in a system having an Intel chip.
It is not yet known if Intel will be calling out other companies that were constructing a similar product or if they are only trying to own the future manufacturing of this type. Intel has further mentioned that they are especially targeting the development of an Application Specific Integrated Circuit (ASIC).
There are speculations that Intel might have a possibility of starting a Bitcoin mining business. With the company in question being an exceptional company like Intel that has played a chief role in computer processing for years and years, it is not a stretch to assume that Intel might be trying its luck in the newly emerging market.
If Intel can manage to mass manufacture hardware that is more energy efficient, it would certainly be beneficial for Bitcoin miners. At this stage, however, the return-on-investment is not completely fruitful because the cost of energy is high and the net profit gained is low. The new hardware can prove to be a turning point for the Bitcoin mining industry.
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