Intel Corporation may fix the negative effects of the Bitcoin network

The executive of Giant chip manufacturer company Intel corporation stated that they can solve the problem of Bitcoin mining environment impact through efficient blockchain chips.

In the present time, Bitcoin is standing at first rank as a king, since the beginning of the crypto industry. But besides the simplicity of its use cases, there are some limitations, which are associated with the Bitcoin network because of traditional nodes, which are operating on Proof-of-work Consensus. To power up the Bitcoin network, we need to supply huge computational power, which means huge consumption of electricity. 

In the mid of January of this year, Intel Corporation announced to jump in Bitcoin ASIC production, to make highly efficient Bitcoin mining machines. 

On 16 February, Patrick Gelsinger, CEO of Intel Corporation, stated that upcoming chip-designed based items will help to fight against Bitcoin’s “climate issue”.

The host of the interview asked Patrick whether he is feeling the same, as he was thinking earlier that the design of Bitcoin is bad and extreme, climate-intolerant. 

Patrick noted that a single ledger entry in the Bitcoin network consumes that level of power, which is sufficient to the power consumption for a house for one day. So to use the technology, which consumes high energy is not a satisfying thing. 

Further, Patrick added that such things can be solved to some extent with the work of Intel. 

“Intel believes deeply that we have to be shaping technology as a force for good, right? If it’s being used for bad purposes, a climate crisis… Well, that is not good yet. That doesn’t mean it’s not good technology, but we’re not using it well yet.”

Intel CEO also noted that Intel will introduce its blockchain chip that will be much better to enhance the performance of the Bitcoin network with less power consumption. 

“we’re helping to solve the climate issue in that way. We want to work with the industry to find ways that technologies like blockchain can be properly regulated, managed as well so that they truly can be fully realized.”

This move by the Intel corporation in Bitcoin mining industry support may be a game-changer move because this will initiate competition among multiple companies. Like Block, which is also working on its Bitcoin mining system to provide the most simplest and efficient Bitcoin mining solution to the world.

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