Intel Wins Patent For Efficient Bitcoin Mining Processor

Intel Corporation, an American multinational corporation, and technology company has won a patent for efficient Bitcoin mining processor. It has defined a processor which states to be able to bring energy-efficient high-performance crypto mining. It particularly cited the SHA-256 algorithm that is utilized by the world’s major cryptocurrency bitcoin, reported Coindesk.

On Tuesday, the U.S. Patent and Trademark Office granted the company a patent describing a processor which is able to carry energy-efficient high-performance bitcoin mining. The SHA-256  is a cryptographic hash algorithm. It is a type of ‘signature’ for a text or a data file. SHA-256 produces an almost-unique 256-bit (32-byte) signature for a text.

Intel’s Patent

According to the patent, a processing system involves a processor to build an input communication incorporating a majority of wadding bits and a hardware accelerator. It is then communicatively linked to the processor which is including the first majority of circuits to perform a stage-1 secure hash algorithm (SHA) hash. This hash is based on the input communication, wherein the hardware accelerator includes a first data path linked between a first source node and a first input node of the first majority of circuits to supply a first padding bit of the majority of wadding bits to the first input node.

The patent further described that bitcoin miners may be remunerated for their attempts by getting a block award and transaction fees. However, mining machines for the bitcoin network usually need hardware accelerators like application-specific integrated circuits (ASICs) and hence need a massive amount of energy.

The patent also stated that the prize for a triumphant Bitcoin mining is the production of a specific number of new Bitcoins (e.g., 25 Bitcoins) and the service charge connected with the transactions authorized through the mining process. Each Bitcoin may be substituted for currencies in circulation (e.g., U.S. dollars) or utilized in transactions with traders that accept Bitcoins.

Bitcoin mining may be connected with specific costs such as, for example, the computing means applied to complete Bitcoin mining processes. The most costly operation in Bitcoin mining includes the computationally-intensive job of deciding the legality of a 32-bit nonce.

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 the power of greater than 200 [watts]. Embodiments of the present disclosure employ micro-architectural optimizations including selective hardwiring certain parameters in Bitcoin mining computation.

Intel mining patent reflects the bear run observed by the crypto market. The bear rally of the Bitcoin has had an analogous impact on the Bitcoin mining business. The Bitcoin network’s hash rate decreased by 22% from its all-time high registered in August. Cryptocurrency mining is becoming hostile in the crypto space owing to rising costs and heavy electricity bills. Intel’s energy-efficient processor might just strengthen the crypto mining economy.

The software application of Bitcoin mining may be achieved on a processing system such as processors performing Bitcoin mining applications and dedicated hardware accelerators such as, for examples, ASICs comprising clusters of SHA transformers that work in correspondence to high-performance SHA-256 hash actions. The clusters of SHA transformers may use a lot of powers (e.g., at a rate of greater than 200 W). To overcome this Intel has found ASIC-based SHA engines which consume less power for Bitcoin mining operations.

A few days ago, IBM, an American multinational information technology company won a patent for a blockchain based network security system. The patent was awarded on Tuesday by the U.S. Patent and Trademark Office (USPTO). It was first filed in September 2017.

The IBM patent also highlighted that by using a network of monitors connected to a blockchain platform can log events on the network. Due to this, the potential intrusions can also be monitored and detected. Hackers may try to hide signs of their activity on one monitor but multiple backups of that data will help ensure that such events are still logged.

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