Tuesday, September 27, 2022
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Intel hopes to address Bitcoin’s “climate issues” by new “Blockchain Chip”

On February 16, Intel Corporation CEO Patrick Gelsinger discussed how his company’s future crypto mining chip may aid in the resolution of Bitcoin’s “climate issue.” In 2019, he declared Bitcoin to be a faulty design, extreme, and environment intolerant cryptocurrency. In a recent interview on “Bloomberg Studio 1.0,” he was questioned if he still feels the same way about bitcoin as he did before. Here he revealed about the company’s plan for a new blockchain chip development to solve environmental issues linked to cryptocurrencies.

The CEO of Intel Corporation stated that he still believes in the same way. In Bitcoin, a simple ledger entry uses enough energy to run your home for nearly a day. At that point, it’s a climatic disaster, and the more one uses it, the worse it gets.

He further said that bitcoins could not be regulated. As a result, it has the potential to become a widely used currency by both states and individuals. Intel is a firm believer in using technology to make the world a better place. It is currently causing a climate emergency. It doesn’t mean it isn’t a good technology; it just means we haven’t put it to good use yet.

Intel is preparing to release a blockchain processor that is far more energy efficient. As a result, it will aid in the resolution of the climate crisis. Intel wants to engage with the industry to figure out how to properly regulate and manage technologies like blockchain so that they can be fully realised.

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