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Intel Gains Patent for Energy-Efficient Bitcoin Mining Design

Intel gains patent for energy-efficient bitcoin mining design

Intel Gains Patent for Energy-Efficient Bitcoin Mining Design


Intel
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Intel has been awarded patent #10,142,098 , which pertains to a system they’ve designed which improves the energy efficiency of bitcoin miners.

While it takes a hardware engineer to fully understand what’s going on in their patent, relevant to the discussion is the following quote:

[…] certain portions of the input message, state data, and input values to multi-stage SHA-256 engines 110, 112, 114 may be fixed to constant data values during SHA-256 hashes or during certain rounds of computation in the SHA-256 hash. Rather than providing these constants using registers, embodiments of the present disclosure hardwire these constant data values to the circuits performing SHA-256 hash, thus reducing the energy consumption compared to providing these constants using registers that may be enabled by clock signals.

Intel researchers seem to have determined that there are no optimizations that can be made at “stage 0” of SHA-256 calculations, but that the other two stages, as they call them, have ample opportunity to be optimized.

Since stage-0 SHA-256 hash involves only part of the header information but not the nonce itself, the calculation of stage-0 SHA-256 does not present an opportunity for bitcoin specific optimization. By comparison, both stage-1 and stage-2 SHA-256 hash calculations receive input messages relating to the nonce 212 and hence present opportunities for bitcoin mining optimizations.

The gist of it is that certain constants in the bitcoin mining process can be embedded into the hardware itself, so there is no software or computing necessary to get the same information repeatedly. Intel claims this will reduce the amount of electricity required to mine bitcoin blocks.

The patented architecture design “may be implemented in many different system types” and is not specific to systems which use Intel chips. The images included with the 29-page patent filing are all diagrams. It is unclear whether Intel intends to go after companies which have similar designs in production or if they are merely looking to protect future developments of this type. They mention that the type of processor being used is irrelevant to the patent’s embodiments, and they are specifically gunning for ASIC development.

Does this raise the prospect of Intel getting into the bitcoin mining hardware business? It’s entirely possible that the company, which has been a major player in computer processing for decades, wants a piece of the action.

If they actually develop hardware that uses less energy than hardware developed by firms like Bitmain, there seems to be a good chance they will succeed in their efforts, the cost of energy being a primary barrier to reaching return-on-investment for bitcoin miners.

Featured image from Shutterstock.

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Published at Fri, 30 Nov 2018 17:43:10 +0000

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Bitwala Sees ‘Steep’ Bitcoin Adoption in Developing Countries

The latest data from bitcoin remittance app Bitwala reveals a growing trend in bitcoin adoption among citizens of developing countries.


‘Steep Adoption Rate’

Bitwala, a bitcoin-based remittance app, shared some user statistics in its blog post yesterday in which we can see that bitcoin is becoming increasingly popular in certain developing countries. The blog post reveals a “steep adoption rate” in developing countries both from Africa and Asia, the two continents with the highest number of unbanked citizens.

Bitwala reveals that, while their early adopters came from Europe and North America, the total number of sign ups from developing countries is catching up to those of Europe and the U.S, making up approximately 30% of new signups globally.

Among the developing countries, most are from North Africa, a region that makes up for 4.4% of its website’s visitors.

This growing trend among developing countries, where financial exclusion is the norm, reveals a growing need for the citizens of these countries to interact with the world economy and to access financial services, typically provided by banks. However, these regions are also the ones where banking service fees are the highest.

Bitwala explains:

At a cost of $4 billion per year, international transfers to Africa are the most expensive in the world. Furthermore, online and offline businesses also continue to pay a steep price for transferring money abroad or even domestically as the majority of banks charge between 10-19% on any transfers to, from and within African countries.

bitcoin for the Unbanked

According to Bitwala, banks are not concerned with financial inclusion and prefer instead to charge higher fees in places where financial services are harder to access, taking full advantage of their monopoly in underbanked regions.

Africa mobile

This is one of the reasons why bitcoin is regarded as a game-changer by some. It has the ability to bypass middlemen bank, enabling direct value transfer while empowering users while giving people more control over their money.

“The strength of bitcoin and the blockchain technology that it relies on is that it allows you to send money across borders without paying the steep fees charged by traditional gatekeepers like Western Union, MoneyGram, Ria and others,” Bitwala explains.

According to 21.co, the cheapest transaction fee for a bitcoin transaction is currently at around $0.50, or 0.0003616 btc. While, admittedly, not ideal for microtransactions, it’s still cheaper than the 10-19% charged by banks on “any transfers to, from and within African countries.”

But bitcoin is not only about cheaper remittances. It also gives people access to a growing number of financial services including e-commerce, peer-to-peer loans, and money management platforms, provided they have access to an internet connection.

networking

As more and more people in these regions become aware of bitcoin and its ability to empower them and to give them access to financial services globally and at much lower costs, bitcoin will continue to attract users.

“People often say necessity is the mother of invention but I like to say necessity is also the mother of adoption,” Lightning CEO Elizabeth Stark says in the new documentary Blockchain and Us.

If there is a real use case that people need a technology for, they start using it.

Can bitcoin help citizens in developing countries achieve financial prosperity? Let us know what you think in the comment section.


Images courtesy of Bitwala, Shutterstock

The post Bitwala Sees ‘Steep’ Bitcoin Adoption in Developing Countries appeared first on Bitcoinist.com.