• bitcoin
    Bitcoin(BTC)
    $0.00 4.63%24H
  • ethereum
    Ethereum(ETH)
    $0.00 7.65%24H
  • binance-coin
    Binance Coin(BNB)
    $0.00 8.29%24H
  • usd-coin
    USD Coin(USDC)
    $0.00 -0.04%24H
  • cardano
    Cardano(ADA)
    $0.00 5.58%24H
  • chainlink
    Chainlink(LINK)
    $0.00 7.66%24H
  • bitcoin-cash
    Bitcoin Cash(BCH)
    $0.00 5.04%24H
  • stellar
    Stellar(XLM)
    $0.00 4.19%24H
  • vechain
    VeChain(VET)
    $0.00 7.84%24H
  • tezos
    Tezos(XTZ)
    $0.00 5.65%24H
  • eosdac
    eosDAC(EOSDAC)
    $0.00 3.34%24H
Crypto Currency Bazaar 4u: Today’s Latest Worldwide News on Cryptocurrency Market delivered to the last minute, Live Crypto Price Data and Indexes, Crypto Investment & Finance opportunities & Blockchain projects, Global Crypto Classifieds
  • INVESTMENTS
    • Crypto General
    • Masternodes
    • Mining Projects
    • NFTS Investments
    • Invest In ICO
    • Exchanges
    • Staking Yeild Farming
  • WORLD
  • USA
  • CANADA
  • JAPAN
  • UK
  • UAE
  • INDIA
  • MORE
    • BRAZIL
    • AUSTRALIA
    • EL SALVADOR
    • CENTRAL AMERCIA
    • SOUTH AMERICA
    • AFRICA
    • EUROPE
    • ASIA
    • OCEANIA
    • ICO
  • Login
  • BLOCKCHAIN
  • BITCOIN
  • ETHEREUM
  • NFTS
  • ALTCOIN
  • MINING
  • VIDEOS
  • LIVERATES
  • SHOP
  • CLASSIFIEDS
  • ADVERTISE
  • SUBMIT PRESS RELEASE
HealthNews
No Result
View All Result
Home MINING PROJECTS

What might Intel’s low-voltage Bitcoin mining chip mean for the future?

CB4U by CB4U
January 19, 2022
in MINING PROJECTS
0
What might Intel’s low-voltage Bitcoin mining chip mean for the future?
0
SHARES
0
VIEWS
Share on FacebookShare on Twitter

Intel may soon enter the Bitcoin mining business with its new “Bonanza Mine” chip, described as an “ultra-low-voltage energy-efficient Bitcoin mining ASIC.”

At present, little is known about the chip or Intel’s plans regarding it. Details of the chip emerged from the International Solid-State Circuits Conference (ISSCC) program schedule.

The ISSCC is an industry-specific event that will run for eight days from February 20th, 2022.

Page 27 of the program shows a presentation of the Bonanza Mine chip scheduled for February 23rd at 07:00 PST. But other than that, no further information is available at this time.

An ultra-low-voltage energy-efficient ASIC could revolutionize the Bitcoin mining game. Then again, in the long run, it may make an already highly competitive industry more cutthroat.

Environmental concerns over Bitcoin mining

Critics say Bitcoin mining is heavily reliant on fossil fuels, making the mining process environmentally damaging. But contradictory reports claim the network runs on 75% renewable energy, making this argument invalid.

Either way, what cannot be disputed is Bitcoin’s electricity usage. Over the years, as the BTC hash rate has grown, so too has the network’s electricity consumption (as expected).

Cambridge University estimates that the Bitcoin network consumes 134.75 TWh of electricity a year. For comparison, this is greater than the electricity consumption of Ukraine and Norway.

If predictions are to be believed, this will grow worse with time.

Speaking to the FT, Erik Thedéen, the European Securities and Markets Authority vice-chair, has renewed calls for a European-wide ban on Proof-of-Work (PoW) mining. Thedéen called PoW mining a “national issue” in respect of his home country of Sweden. He warned that it poses a severe threat to meeting climate change targets.

In conjunction with a PoW mining ban, Thedéen recommends encouraging less energy-intensive Proof-of-Stake (PoS) mining.

Might Intel’s low-energy Bitcoin mining ASIC be a viable solution to these concerns?

What is the benefit of low-energy ASICs?

The average cost to mine a Bitcoin comes in at around $7,000 to $11,000, making it highly profitable to mine with a current price of $41,500.

Mining entities compete by utilizing the most powerful ASIC equipment. The higher the equipment’s hashing power, the more tries it can make to guess the hash target correctly and win the block reward.

Over the years, this has led to increasingly powerful and expensive miners being developed, to the point that Bitcoin mining is reserved chiefly for corporations with deep pockets.

The specs of Intel’s Bonanza chip aren’t known at this time. But being low energy, miners could benefit from lower electricity costs (thus greater profitability). And the consumption argument put forward by environmentalists would carry less weight.

But in the long-term, lower electricity mining costs may not make any difference. One Slashdot user commented that miners would produce more hashes, bringing zero net benefits regardless of electricity cost.

“It is part of the core design of Bitcoin (and other proof-of-work cryptos) that the inefficiency of the network itself is what secures the network. If you make it cheaper in power to calculate a hash to try to win a Bitcoin reward, the miners will just calculate more hashes to compete. No net benefit (from an energy standpoint).”

Posted In: Bitcoin, Mining

CryptoSlate Newsletter

Featuring a summary of the most important daily stories in the world of crypto, DeFi, NFTs and more.

Get an edge on the cryptoasset market

Access more crypto insights and context in every article as a paid member of CryptoSlate Edge.

On-chain analysis

Price snapshots

More context

Join now for $19/month Explore all benefits

Advertisement Banner
Previous Post

Understanding The COSMOS Crypto Project

Next Post

Bitcoin ATMs Shut Down In Singapore After MAS Curbs Crypto Advertising

CB4U

CB4U

Next Post
Bitcoin ATMs Shut Down In Singapore After MAS Curbs Crypto Advertising

Bitcoin ATMs Shut Down In Singapore After MAS Curbs Crypto Advertising

Discussion about this post

RECOMMENDED

TOP 5 Cryptocurrencies To Watch This Week

TOP 5 Cryptocurrencies To Watch This Week

4 months ago
Crypto Millionaire Real Estate Strategy #shorts

Crypto Millionaire Real Estate Strategy #shorts

2 weeks ago

DON'T MISS

UK’s FCA Gives Regulatory Approval To Crypto Firms But Only A Few, Here’s Why

UK’s FCA Gives Regulatory Approval To Crypto Firms But Only A Few, Here’s Why

January 27, 2023
Here’s Why XRP Price Is Surging Despite Struggling Crypto Market

Are Whales Dumping XRP? Here’s What Data Suggests

January 27, 2023
WHAT I FOUND OUT ABOUT ED & THE CRYPTO PROGRAM…

WHAT I FOUND OUT ABOUT ED & THE CRYPTO PROGRAM…

January 27, 2023
U.S. and European Police Dismantle Hive Ransomware Group

U.S. and European Police Dismantle Hive Ransomware Group

January 27, 2023
Crypto Currency Bazaar 4u: Today’s Latest Worldwide News on Cryptocurrency Market delivered to the last minute, Live Crypto Price Data and Indexes, Crypto Investment & Finance opportunities & Blockchain projects, Global Crypto Classifieds

The Cryptocurrency Bazaar 4U was founded in 2020 for providing the most trusted information for the Crypto enthusiasts covering a broad range of news about blockchain technology, cryptocurrency assets, emerging fintech trends in the decentralized space, and other related wide array of information surrounding this emerging technology.Our team provides the most up-to-date and accurate news from different sources in this space comprising of unbiased news, in-depth analytics, detailed cryptocurrency price charts, and insightful opinion pieces is the basis of our editorial content.

POPULAR POSTS

UK’s FCA Gives Regulatory Approval To Crypto Firms But Only A Few, Here’s Why

UK’s FCA Gives Regulatory Approval To Crypto Firms But Only A Few, Here’s Why

January 27, 2023
Here’s Why XRP Price Is Surging Despite Struggling Crypto Market

Are Whales Dumping XRP? Here’s What Data Suggests

January 27, 2023
WHAT I FOUND OUT ABOUT ED & THE CRYPTO PROGRAM…

WHAT I FOUND OUT ABOUT ED & THE CRYPTO PROGRAM…

January 27, 2023

Categories

  • AFRICA
  • ALTCOIN
  • ASIA
  • AUSTRALIA
  • BITCOIN
  • BLOCKCHAIN
  • BRAZIL
  • CANADA
  • CENTRAL AMERCIA
  • CRYPTO GENERAL
  • EL SALVADOR
  • ETHEREUM
  • EUROPE
  • EXCHANGES
  • ICO
  • INDIA
  • INVERST IN ICO
  • INVESTMENTS
  • JAPAN
  • MASTERNODES
  • MINING
  • MINING PROJECTS
  • NFTS
  • NFTS INVESTMENTS
  • OCEANIA
  • SINGAPORE
  • SOUTH AMERICA
  • STAKING & YEILD FARMING
  • UAE
  • UK
  • Uncategorized
  • USA
  • VIDEOS
  • WORLD
  • CONTACT US
  • DISCLAIMER
  • PRIVACY POLICY
  • ABOUT US
  • CLASSIFIED
  • ADVERTISE
  • SUBMIT PRESS RELEASE

© cryptocurrencybazaar4u.io

No Result
View All Result
  • BLOCKCHAIN
  • BITCOIN
  • ETHEREUM
  • NFTS
  • ALTCOIN
  • MINING
  • VIDEOS
  • LIVERATES
  • SHOP
  • CLASSIFIEDS
  • ADVERTISE
  • SUBMIT PRESS RELEASE

© cryptocurrencybazaar4u.io

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
  • bitcoin
    Bitcoin(BTC)
    $0.00 4.63%24H
  • ethereum
    Ethereum(ETH)
    $0.00 7.65%24H
  • binance-coin
    Binance Coin(BNB)
    $0.00 8.29%24H
  • usd-coin
    USD Coin(USDC)
    $0.00 -0.04%24H
  • cardano
    Cardano(ADA)
    $0.00 5.58%24H
  • chainlink
    Chainlink(LINK)
    $0.00 7.66%24H
  • bitcoin-cash
    Bitcoin Cash(BCH)
    $0.00 5.04%24H
  • stellar
    Stellar(XLM)
    $0.00 4.19%24H
  • vechain
    VeChain(VET)
    $0.00 7.84%24H
  • tezos
    Tezos(XTZ)
    $0.00 5.65%24H
  • eosdac
    eosDAC(EOSDAC)
    $0.00 3.34%24H
en English
en Englishja Japaneseko Koreantl Filipinovi Vietnamesehi Hindibn Bengalita Tamilzu Zulusw Swahilide Germanfr Frenches Spanishpt Portugueseru Russian