Intel Wants to Solve Bitcoin’s “Climate Issue” With Its Upcoming “Blockchain Chip”
Yesterday (February 16), Intel Corporation CEO Patrick Gelsinger explained how his company’s upcoming crypto mining chip could help to solve Bitcoin’s “climate issue”.
According to his LinkedIn profile, Gelsinger started his career in October 1979 by becoming senior vice president and the general manager of the Digital Enterprise Group, and he kept these positions for the next 30 years. Also for five years, starting in January 2000, he was the company’s CTO. Before returning to Intel in February 2021, he was president and COO of EMC (Sep 2009 – Aug 2012) and CEO of VMware (Sep 2012 – Feb 2021).
His most recent comments about Bitcoin were made during an interview with Emily Chang on “Bloomberg Studio 1.0”.
Chang started by reminding Gelsinger that back in 2019 he had said “Bitcoin was bad design, extreme, and climate-intolerant”, and asked if he stell felt the same way.
Gelsinger replied:
“Indeed I do. A single ledger entry in Bitcoin consumes enough energy to power your house for almost a day. That’s a climate crisis, right, at that point, and the more you use it.
“So if we produce a technology that consumes that much energy, wow, that’s not okay. And then… most of the uses when I said that were illicit, right? And it couldn’t be regulated. So, it could become a currency for nations and for people to use broadly as well.
“So, I have this mantra, you know, and we at Intel believe deeply that we have to be shaping technology as a force for good, right? If it’s being used for bad purposes, a climate crisis… Well, that is not good yet. That doesn’t mean it’s not a good technology, but we’re not using it good yet.
“Well, Intel is about to bring forward a blockchain chip, you know, that’s dramatically better, that is… orders of magnitude better in terms of power performance. So, we’re helping to solve the climate issue in that way. We want to work with the industry to find ways that technologies like blockchain can be properly regulated, managed as well so that they truly can be fully realized.
“So, yes, this is one of those areas that we’re gonna work on fixing this one because this is a powerful technology. An immutable leverageable digitized entry system can transform currency transactions, supply chain. So yeah, this one’s exciting.“
Disclaimer
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