Intel CEO Called Bitcoin A “Climate Crisis” : Report

Time Stamp: February 17, 2022 2:35 PM
Source Node: 1177761

Patrick Gelsinger, the Intel CEO called Bitcoin a “climate Crisis” with the criticism of bitcoin’s environmental impact not stopping for a moment so let’s find out more in today’s latest Bitcoin news.

The Intel CEO took time to promote the latest mining chip that claims to be climate-friendly. Gelsinger criticized Bitcoin’s impact on the climate during a recent interview with Bloomberg. He said:

“A single ledger entry in Bitcoin consumes enough energy to power your house for almost a day. That’s a climate crisis.”

According to Cambridge University, the BTC network consumes about 120 terawatt-hours of electricity per year which is more consumption per year than most of the world’s countries like Norway, Sweden, and the United Arab Emirates. The previous research conducted found that Bitcoin’s carbon footprint was broadly equivalent to over 60 billion pounds of burned coal or 9 million homes’ average electricity consumption for the year with 100 billion miles driven by an average vehicle. During the interview, the CEO also promoted the company’s new mining chip that was described as one that can help solve the climate issue.

Patrick Gelsinger
Patrick Gelsinger, Source: Intel

Gelsinger said that Intel was about to bring forward the new mining chip which will be less harmful to teh environment. The Intel senior vice president Raja Koduri said that the chip has over 1000x better performance per watt than the mainstream GPUs for SHA-256 based mining. Intel is also expected to give out more details about the mining chip at the year’s International State Circuits Conference. While his comments on BTC’s climate impact could seem anti-crypto, he remained optimistic on what he see as the sector’s underlying technological potential:

“We’re going to work on fixing this because this is a powerful technology, an immutable leverageable digitized entry system can transform currency, transactions, supply chains, so yeah, this one’s exciting.”

As recently reported, Intel Corp announced the launch of energy-efficient super-fast processing chips for blockchain applications, and according to Senior Vice President Raja Koduri, the new chip will be 1000 faster than its nearest rivals. The mining chips will be available to customers later this year. The official report by Koduri elaborates on the launch of the Intel BTC accelerator. Intel as the world’s second-biggest semiconductor chip maker TSMC scheduled a presentation under “Highlighted Chip Releases at the ISSCC conference.

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