Good morning traders and bloggers! Grab that coffee cup and shake of the Wednesday morning lull! Quick sitrep before we find out what Intel is on about - market is stabilising on it's lows and actually showing some strength. Steem, our central cryptocurrency, has reached a trendline that is reaching from it's lows and found some much needed support, so so it seems this was a pefect place to make it rip like it did, being quite easy to pump it with the non-existent volume. Perhaps it's time for some relief for the beaten down bulls?
Remember the Bitcoin Death Cross everyone is talking about? I cannot currently remember a case in my more more than 6 active trading years, where the death cross actually worked. What is a death cross? It's a technical term, when an instruments long-term moving average crosses above it's short-term moving average, predicting doom and gloom. Some people look for a 200-day moving average crossing above 50-day moving average, some look for 100-day average crossing above the fiddy.
Chart from tradingview.com
Alright, enough about charts, more about mining.
We've talked about cryptocurrency miners and mining multiple times before, whether it's about where one can get best rewards for mining or how to make mining equipment work for you on multiple fronts, but one thing is for sure - the profitability of mining Bitcoin and other cryptos has been and is dropping.
Justin Sullivan/Getty Images via Fortune.com
Bitcoinist.com has dug up a patent application by Intel, that opens a window for us to get a glimpse of Intel's plans.
Apparently Intel has plans to build specialized hardware, that would make Bitcoin mining less energy-requiring and more cost-effective. Of course the upgraded systems would take much less space too.
But according to an Intel partner, this will bring more people to Bitcoin mining again, and drive prices down until equilibrium is found.
The patent application is titled very clunkily "BITCOIN MINING HARDWARE ACCELERATOR WITH OPTIMIZED MESSAGE DIGEST AND MESSAGE SCHEDULER DATAPATH" and can be found here
While it's known that GPUs usually beat CPUs when it comes to crypto mining, due to wider bandwidth links and many smaller cores, specialized hardware should beat the crap out of it on any given day. And that's where Intel will change the mining scene, with its specialized chips optimizing the performance somewhere around 30-40%, according to the patent application.
Perhaps I should get into mining? Naah, i'll stick with STEEM.
Read more on this topic on the below sources:
forbes.com
bitcoinist.com
uspto.gov
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