Global tech giant Intel, known for its widely-used computer processors, has won a patent connected to its work in the area of cryptocurrency mining.
On Tuesday, the U.S. Patent and Trademark Office awarded the company a patent outlining a processor which claims to be able to conduct “energy-efficient high-performance bitcoin mining,” specifically naming the SHA-256 algorithm used by the world’s largest cryptocurrency by market cap.
As reported, Intel has previously sought patents related to its work in the area of crypto mining. And it was Intel’s foundry that produced the chips for the mining operation run by 21 Inc, which later rebranded as and was ultimately acquired by Coinbase.
Per the patent, bitcoin miners may be rewarded for their efforts by receiving a block reward and transaction fees. However, mining machines for the bitcoin network generally require hardware accelerators, such as application-specific integrated circuits (ASICs), and therefore require a large amount of energy.