Bitcoin

An Intel blockchain patent for Bitcoin mining

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Technology giant Intel has won a patent in the field of Bitcoin mining. This new Intel blockchain patent intends to make Bitcoin mining more efficient, and United States Patent and Trademark Office (USPTO) has awarded the patent in late 2018.The patent addresses the computation and electricity-intensive nature of the current Bitcoin mining operations. Intel plans to use hardware accelerators to improve the mining process.Bitcoin mining is a competitive process, where many Bitcoin miners take part in. Bitcoin uses a computation-intensive consensus algorithm for transaction validation, and we call it “Proof of Work” (POW).Miners compete to solve a cryptographic puzzle. The puzzle is moderately hard to solve, however, it’s very easy to verify the solution. This is why cryptographic experts also call it an “asymmetric puzzle”.Bitcoin miners don’t need skills to solve the puzzle, however, they need plenty of computing power. Their computers keep trying one number after another, and the first one to find the answer “solves” a “Bitcoin block”. The winner gets rewards in the form of a fraction of the new Bitcoin mined.Miners use powerful hardware accelerators like ASICs and run their computers for long periods of time. These computers use up a high amount of electricity, which also increases the energy bill.As a matter of fact, there are concerns about whether Bitcoin mining is environmentally sustainable in the long run. Bitcoin mining uses up more electricity than many countries!Can Bitcoin mining become more efficient?ASICs and similar hardware accelerators were not designed for operations like Bitcoin mining. As Bitcoin and crypto mining emerged, miners started using them, however, these aren’t efficient for crypto mining.The new Intel blockchain patent addresses this area, as it seeks to make the hardware cater specifically to Bitcoin mining. This patent looks into the parameters of the SHA-256 algorithm used in Bitcoin mining, and integrates these in the hardware.This essentially makes the new hardware better suitable to Bitcoin mining. Intel estimates a 15% savings in the energy cost, as a result of their new hardware accelerator.Intel is investing significantly on blockchain-related innovation, e.g., the company plans to use blockchain in genetic sequencing. They also plan to use the technology to track the addictive medicine supply chain.The potentials of the new Intel blockchain patentBitcoin mining is costly, moreover, the environmental concerns are giving it a negative media coverage. Crypto miners need to address this, and the proposed solution could just be the right one.You have Successfully Subscribed!


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Altcoin

Winklevoss: Buying Bitcoin isn’t “as crazy as sitting on the sidelines”

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While it could be argued that investing in Bitcoin is certainly a risk, Cameron Winklevoss, – one-half of the famous Winklevoss twins – believes that it’s not as risky, or as he puts it “crazy” as waiting on the sidelines.

The Winklevoss brothers are known for their bullish ways, especially when it comes to Bitcoin (BTC); and today is no exception with Cameron offering his famous rhetoric on the #1, encouraging speculators to jump in and invest.

According to Cameron while some think you would be mad to invest in BTC, he states that you would be crazy not too, equating the rise of cryptocurrencies to the “future of money”



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Blockchain

Update From New York City’s Blockchain Week

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PHOTO:
Kai Pilger

For the last five years, every spring CoinDesk has been hosting its blockchain technology conference Consensus in New York City. The idea is to bring together the top brands and developers in the cryptocurrency and blockchain spaces to learn what’s new and what’s next. The event has grown to include the surrounding Blockchain Week, which includes both official and unofficial events thanks to the volume of attendees.

Related Article: Blockchain Will Stall Until it Finds Its Killer App

What’s New in Blockchain?

Cryptocurrency is moving past the toddler stage and people are starting to pay more attention to the underlying blockchain technology. The CryptoNouveau event was a great place to meet the top thinkers in the blockchain space and learn where they think the technology is going next.

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Regulation

Central Bank of Russia Expects Crypto Draft Bill to Be Adopted in Spring 2019

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The central bank of Russia believes that the draft bill on crypto regulation is prepared enough to be adopted in the spring of 2019, local news agency TASS reports on May 22.

Olga Skorobogatova, first deputy governor of the Russian central bank, has stated that the bank expects the crypto bill, “On Digital Financial Assets” (DFA), to be adopted during the spring session in 2019 in accordance with the order of the country’s president, Vladimir Putin.

Speaking at a recent meeting of the Parliament, Skorobogatova argued that the DFA, as well as a draft law on crowdfunding and other crypto-related bills, are at a “sufficiently high degree of preparedness” to be adopted during the session.

The official has also emphasized that all those draft laws are “crucial for the country and will allow for the implementation of new projects.” Conversely, Russian prime minister and former president Dmitry Medvedev had…



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Bitcoin

Goldman-Sachs Backed Circle Blames ‘Restrictive’ US Laws for Layoffs

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Bitcoin and crypto are rising, but Goldman Sachs-backed Circle laid off 10 percent of its workforce blaming a ‘restrictive’ regulatory climate. But is that just a smokescreen to mask Circle’s dwindling user base?


SEC Bullish on Bitcoin, Bearish on Alts

OK, so we may not call the SEC exactly ‘bullish’ on Bitcoin. In fact, quietly cautious at best, downright suspicious at worst.

But at least the regulatory body has it clear that Bitcoin is not a security. It’s even considering Bitcoin ETF proposals, albeit at a glacially slow pace.

The same cannot be said for the majority of ICOs. While there are rumors of change on the horizon, it appears that for now, they…



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Ethereum

Bitcoin Falls Under $7,900 as US Stock Market Sees Minor Uptrend

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Wednesday, May 22 — most of the top 20 cryptocurrencies are reporting moderate losses on the day by press time, as bitcoin (BTC) falls under the $7,900 mark again.

Market visualization courtesy of Coin360

Bitcoin is down over .5% on the day, trading at $7,850 at press time, according to CoinMarketCap. Looking at its weekly chart, the coin is down over 1.83%.

Bitcoin 7-day price chart

Bitcoin 7-day price chart. Source: CoinMarketCap

This week, Cointelegraph reported that CME Group, the second global exchange to list bitcoin (BTC) futures, is about to record the biggest trading month for BTC futures trading.

Ether (ETH) is holding onto its position as the largest altcoin by market cap, which currently stands at $26.9 billion. The second-largest altcoin, XRP, has a market cap of $16.5 billion at press time.

CoinMarketCap data shows that ETH is up over .5% over…



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