Large IT companies such as Intel and Block (formerly Square) are working to make Bitcoin mining more efficient and closer to people’s lives, hoping to make mining more widely available. British asset brokerage firm GlobalBlock noted that such a move has the potential to send bitcoin prices higher.
Intel launches ultra-low voltage bitcoin mining chip ASIC
Semiconductor giant Intel has released an “ultra-low voltage Bitcoin mining ASIC (Application-Specific Integrated Circuit)” that enables more efficient mining. “This technology giant with a market value of over $200 billion is now committed to providing bitcoin mining solutions, which is the most powerful proof of the intention of large companies to join the cryptocurrency race.” GlobalBlock analyst Marcus Sotti Marcus Sotiriou commented.
Intel says the new machines can reduce power consumption by about 15 percent. Sotiriu added that ESG (Environmental, Social and Governance) has become an important investment priority for institutional investors. Increased efficiency (reduced power consumption) will support many institutional investors to consider investing in crypto assets. If such a scenario materializes, it will support Bitcoin prices.
Griid Infrastructure, a crypto-asset mining company that plans to go public through a SPAC, has signed an agreement with Intel to purchase Intel’s new ASICs (dedicated machines for mining), according to filings with the U.S. Securities and Exchange Commission.
Block builds an open source mining system
On the other hand, American payment giant Block announced on the 13th that it will advance its plan to build an open-source Bitcoin mining system with the goal of “decentralizing and efficient mining”. Sotiriu pointed out that if Cash App can integrate the feature, Bitcoin settlement of goods and services will increase, and the popularity of Bitcoin among the general public will be further promoted.
“If successful, Bitcoin’s use cases as a means of exchanging value, in addition to its mere store of value, will increase dramatically. The result will be a massive adoption of Bitcoin that may eventually push its value to $100,000.”
Bitcoin is currently trading around $42,000 after hitting an all-time high of nearly $69,000 last November. In addition, the stock prices of some mining companies have fallen by more than 50%.
