Intel has set a goal of making Bitcoin mining more cost-effective. One of the world’s largest semiconductor companies has already filed a patent for the approval of the US Patent Office. According to the document, the accelerator will decrease the amount of energy used for mining by 35%. At the same time, it will mine more bitcoins in the process.
Cryptocurrency mining has been under considerable criticism lately as it requires a lot of energy. According to the Bitcoin Energy Consumption Index, global energy usage of all bitcoin mining has already approached the amount of energy used by Denmark, a country with a population of 5.7 million.
The application says that the most expensive operation in mining may involve the computationally intensive task of finding the 32-bit nonce (e.g., a 32-bit (4-byte) field whose value is set so that the hash of the block will contain a run of zeros). After computation is complete, these zeros are attached to the “hash of the transaction hashes in the blockchain” and other headers.
The traditional 256-bit hash is less than a “pre-defined threshold value.” There are two primary computational blocks involved, a message scheduler and a message digest. Both blocks work together to combine several 32-bit words and 32-bit additions, which can thus bring energy use down.
Mining is currently losing its popularity due to collapsing cryptocurrency costs, and if Intel manages to bring mining costs down, competition in this area will once again become stiffer.