Intel has been granted a patent for developing an energy-efficient bitcoin mining process which is touted to cut overall power consumption by 15%. In a patent titled “Optimized SHA256 Datapath,” Intel discusses a Bitcoin mining system that utilizes more “energy efficient hardware accelerators” to save the energy consumed in mining cryptocurrency.
Intel filed the patent on June 29, 2016, at the United States Patent and Trademark Office (USPTO); the patent was granted to the company last Tuesday. The energy-efficient cryptocurrency mining system has been invented by three individuals from Hillsboro, Oregon.
As compared to the contemporary application-specific integrated circuit (ASIC) machines used for mining cryptocurrency, the new system will use highly energy-efficient hardware accelerators to reduce power consumption.
The patent reads, “Embodiments of the present disclosure include energy-efficient ASIC-based SHA engines that consume less power for Bitcoin mining operations.”
The patent addresses the problem of “double spending” by using plenty of SHA-256 stages and methods of processing hash by utilizing optimized data paths.
This is not the first time that Intel has ventured into the field of cryptocurrency. Earlier, the chipmaker company offered its Software Guard Extension (SGX) “hardware level security” to Copay Wallet users.