Intel CEO Says Bitcoin Is “Climate Crisis,” But His Company Wants To Fix It With New Mining Chips

Texas could raise funds through NFT and harness 'abundant' energy to mine Bitcoin

Intel CEO Says Bitcoin Is "Climate Crisis," But His Company Wants To Fix It With New Mining Chips By Hannah Perez

The CEO’s remarks come a few days after Intel announced plans to launch new crypto mining chips focused on energy efficiency.

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Three years ago, the CEO of IntelPatrick Gelsinger, harshly criticized Bitcoin highlighting that the technology had a “Bad design” and was “intolerant” with the weather. The opinion of the director of the giant company of hardware It hasn’t changed since then, however, his company’s focus has, and he now seeks to develop solutions to some of these problems.

In a recent interview with BloombergGelsinger reiterated his criticism of the world’s leading cryptocurrency. A single Bitcoin ledger entry consumes enough energy to power your house for almost a daysaid. That’s a climate crisis”.

The high energy consumption of Bitcoin and its environmental impact has been widely discussed and documented. According to the University of Cambridge, the network Bitcoin it currently consumes an estimated 125 terawatt hours of electricity per year. That’s more electricity consumption per year than most countries in the world, including Norway, the United Arab Emirates, and Sweden.

The CEO expressed his disapproval of the high resource consumption of such technology, adding that he does not believe that, under these conditions, Bitcoin can become a currency widely used by nations or people around the world.

At Intel, we deeply believe that we must shape technology as a force for good. If used for bad purposes, [representa] a climate crisis and it can’t be used widely, so it’s not good yet. That doesn’t mean the technology isn’t good, but we’re not using it well yet.

Intel Promises New, More Efficient Bitcoin Mining Chip

Gelsinger’s remarks come just a few days after Intel announced that it is working on the development of new crypto mining chips focused on energy efficiency, something that the CEO took the opportunity to promote during the interview.

Intel Is About To Unveil A Blockchain Chip That Is Dramatically Better […] in terms of energy efficiency. This is how we are helping to solve the climate problem [de Bitcoin].

Intel he says he wants to make crypto mining much more efficient and environmentally friendly. The world’s largest manufacturer of integrated circuits revealed that it is developing a mining chip which has been named “block chain accelerator” and that it is focused on sustainability. Raja Koduri, Senior Vice President of Intelexplained in an announcement:

We hope that our circuit innovations will deliver a blockchain accelerator that has 1000 times better performance per watt than conventional GPUs for mining based on SHA-256 (algorithm used to generate Bitcoin and other cryptocurrencies).

The new chip is expected to hit the market later this year and will help alleviate the high power consumption of the main network. blockchain. Meanwhile, some companies have already begun to show interest in the product. According TheVerge, the mining company Bitcoin GRIID Infrastructures and block (before Square), the business fintech property of Jack Dorsey, they’ve already ordered the technology.

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the plans of Intel to revolutionize the crypto mining industry come at a time of growing concern about the environmental effects of this practice; the issue has even reached the US Congress. On the other hand, they also arise in the midst of a supply chain collapsed by the semiconductor crisis. It will be interesting to see how the company addresses this difficulty.


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Article by Hannah Estefanía Pérez / DailyBitcoin

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WARNING: This is an informative article. DiarioBitcoin is a means of communication, it does not promote, endorse or recommend any investment in particular. It is worth noting that investments in crypto assets are not regulated in some countries. May not be suitable for retail investors as the full amount invested could be lost. Check the laws of your country before investing.

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