Cryptocurrency mining has recently been an area of intense regulatory and government scrutiny. After China's ban on Bitcoin mining (BTC) last summer, the government chatter had been quiet until the beginning of the year.
Governments look into cryptocurrency mining
In January, an energy crisis across Eastern Europe led the Kosovo government to ban crypto mining. The government has imposed a ban to reduce energy consumption. By global standards, Kosovo accounted for just 0,01% of Bitcoin's global hash rate in August 2021.
According to the Cambridge Center for Alternative Finance, the United States was the largest, with a total Bitcoin mining hashrate of 35,4%.
As a result of the United States ranking as the largest Bitcoin miner in the world, the United States Congress held a subcommittee hearing on Crypto-mining and the environment in January. Bitcoin mining and Proof-of-Work protocols had a tough day on Capitol Hill.
Other governments have also spoken out on Proof-of-Work mining in general.
In January, European Securities and Markets Authority (ESMA) Vice President Erik Thedeen called for a ban on Proof-of-Work (PoW) mining. Thedeen talked about the significant risks mining poses to the environment. ESMA's vice president added that EU regulators should encourage greener Proof-of-Stake (PoS) mining due to its significantly lower energy profile.
Global agencies have also stepped forward, voicing their concerns about mining and the environment. These include Fitch Ratings and Inland Revenue Services of the United States.
With increased government and regulatory oversight, there has been an even greater need for a greener Proof-of-Work Asic.
Intel unveils a new ASIC to mine Bitcoin
At the end of January, we had reported a plan from Intel (INTC) to enter the Bitcoin mining space.
Intel has planned to introduce a new "Ultra-Low-Voltage-Energy-Efficient Bitcoin Mining Asic". Intel aimed to "reduce overall energy consumption by approximately 15%".
According to news threads, Intel unveiled the Bonanza Mine at the International Solid-State Circuits Conference (ISSCC). The conference takes place from 20 to 28 February.
Intel's first-generation Asic Bonanza Mine includes a 300 BMZ chip, with a power output of 3.600 Watts (W) while delivering 40 terahashes per second (TH / s) of computer power. Although with less power than the main Asic miners, the Bonanza Mine Asic is reported as more energy efficient. Big names have signed up for the most energy efficient Intel miner. These include Argo and Block. On Wednesday, February 23, Intel will participate in a live Q&A session. For governments raising concerns about Proof-of-Work mining, it remains to be seen whether the Bonanza Mine will satisfy.
