Crypto News | Intel and IBM Crypto Operations

In spite of all their unpredictability and fluctuating prices, cryptocurrencies keep attracting the interest of major companies, including tech giants. In the latest development, the Intel Corporation is apparently showing interest in developing hardware dedicated primarily to Bitcoin mining. The company filed a patent which describes a specialized “System on Chip”, which will be implementing an accelerator designed to make the mining hardware faster. The new technology is aimed at making Bitcoin mining less demanding and less energy intensive, which could easily drive mining profits up. Although Bitmain Technologies Ltd. is currently dominating the mining space, Intel is determined to disrupt that dominance. The big thing is – Intel’s new hardware could make casual mining profitable again, which means that individuals could wrestle back a bit of control over the mining space.

Intel is not alone in recognizing the potential of Bitcoin and other cryptocurrencies. IBM, a company worth $140 billion, has revealed that the company’s executives have been meeting with several corporations and central banks to determine if there was a way for cryptocurrencies to save money and increase profits for all of these companies. IBM’s involvement has so far been restricted to the Stellar network, but now it is looking to expand its operations, support new startups and explore emerging technologies.

The interest that these huge corporations are showing could revitalize the struggling cryptocurrency space, plagued by plummeting crypto prices, repeated crypto ads bans, and regulatory uncertainty.

There’s also a chance that the new mining hardware developed by Intel could eventually be used by students on college campuses. A cybersecurity company called Vectra has released a report which indicates that students and employees in higher education are taking advantage of their position and mining cryptocurrencies at an alarming rate. Even more worrying is the fact that 85% of mining attacks come from higher education institutions, compared with only 6% from the entertainment/leisure industry, at number 2. The number of students who are “taking advantage of campus electricity” has not declined, in spite of the price of Bitcoin dropping substantially.  Universities are having a harder time controlling their networks than private corporations, although some universities, including Stanford, do issue warnings to their students, advising them against using university resources for private financial gain.


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Author: Max Rothstein

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