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Intel CEO Pat Gelsinger isn’t a fan cryptocurrency, specifically Bitcoin. And it’s not even close.
(Photo courtesy of Milind Shelte/The India Today Group via Getty Images
MUMBAI MAHARASHTRA MAY 21: Patrick P. Gelsinger, CEO of VMware, snapped during a photo shoot at Mumbai.
According to RegisterGelsinger was a vocal critic of Bitcoin and called it a “climate crises” recently. He cited how power-guzzling cryptocurrency mining is, and in turn, Bitcoin mining.
The Intel CEO stated that a single Bitcoin ledger entry can consume as much power as a typical household needs in a day. “That’s the climate crisis. “That’s not okay,” were his words in a recent interview. Bloomberg.
While Big Tech’s chief isn’t a fan at all of Bitcoin mining and other power-hungry crypto mining operations, it doesn’t mean that Intel will stop mining. He also mentioned that the company was introducing a new, “dramatically improved” blockchain chip that will address the power-hungry nature crypto mining.
Team Blue refers to the blockchain chip as the Bonanza Mine. This is purportedly an efficient version of ASIC miners. According to TheBlockCryptoThe chip can run at 40 terahash per seconds (TH/s), of computing power.
This product is far behind other ASIC mining hardware. Other mainstream hardware can reach 95 to 112 T/s. However, Intel claims the Bonanza Mine’s advantage lies in its power efficiency. According to the original TheBlockCrypto report, Block and Argo have placed orders for the new chips.
Gelsinger’s harsh claims that Bitcoin is a “climate catastrophe” are not entirely true. If there is one thing you need to know about mining Bitcoins or other cryptocurrency, it’s the fact that they consume large amounts of power. This is not a good thing considering that governments around the globe are trying to reduce their carbon footprints.
This has led to many. Crackdowns on cryptocurrency mining and trading in several major nations all over the world.
(Photo courtesy of STR/AFP via Getty Images
This photo, taken April 1, 2021, shows a worker fixing cryptocurrency mining rigs in a cryptocurrency farm in Dujiangyan (China’s southwestern Sichuan Province).
Also read: Credit Rating Agency: Crypto mining is a threat to the US power grid
Why is the Intel CEO Not a Big Fan of Crypto Mining?
Gelsinger’s comments made in the Bloomberg interview may seem odd to some but his sentiments are largely unchanged over the past two years. He doesn’t seem to be a huge fan of Bitcoin.
Fortune published the same sentiment in a 2019 article (via). CoinTelegraphHe was still the CEO and founder of cloud computing provider VMware. He almost repeated his previous statement, in which he once again mentioned how one Bitcoin ledger entry consumes as much power as that of an entire home for a day.
(Photo courtesy of Getty Images)
Apart from that, he claimed Bitcoin is being used primarily to illegal activities. That is where his “bad-for-humanity” comment comes. Some might find these harsh claims a little absurd, but his company is moving ahead with the Bonanza Mine.
Related: Cryptocurrency Is Like A Ponzi Scheme, Says Indian Reserve Bank Official
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Written by RJ Pierce
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