What does Intel CEO Pat Gelsinger say as he promotes the Bitcoin mining chip?


What is Intel’s Pat Gelsinger doing? Who is he talking to while promoting? Intel’s New Bitcoin Mining Chips† In a recent Bloomberg interview, Gelsinger uses every ESG buzzword in the book to promote their “energy-efficient ASIC chip.” Is this the right strategy? Who will be Intel’s customers? And why is this man lying about bitcoin’s energy consumption when the real numbers would be just fine?

The host, Emily Chang, starts asking him about 2019, when Intel’s CEO said Bitcoin was poorly designed, “extreme and climate intolerant.” Does Gelsinger still have that opinion? Of course he does. And that’s just the beginning.

Intel CEO is here to fix Bitcoin

Gelsinger begins by saying that when he misdiagnosed bitcoin that one time, “most of the uses were illicit.” 2019? Nothing could be further from the truth, sir. Bitcoin’s first use case, the unbanked, little by little discovered the solution to their problem. And the seeds for everything that happened in recent years had already been planted.

Was bitcoin also used for illegal purposes? Naturally. Bitcoin is money for your enemies. Anyone can use it.

Another thing Intel’s CEO believed about bitcoin is that “it couldn’t be regulated, so it couldn’t become a currency for countries and for people to use widely.” Well, since it is already a currency in one country, El Salvador, we could say that Gelsinger’s predictions are quite wrong.

However, the idea of ​​a US ASIC mining chip is a great idea. And if it uses less energy, so be it. Even though people will probably just push the pedal to the metal and mine more. Anyway, Intel’s CEO lets us know that one of the company’s mantras is that they’re “shaping technology as a force for good.” It sounds like Google’s “Don’t be evil”, and we all know how that turned out.

In any case, Gelsinger thinks the easily debunked points of attack he uncovered make bitcoin a controversial character. “That doesn’t mean it isn’t good technology, though, but we’re not using it well yet.” So Intel is here to fix it.

BTC price chart for 02/19/2022 on Fx | Source: BTC/USD on TradingView.com

What exactly does Gelsinger promise?

One thing is for sure, Intel is very confident in their product. The CEO said:

“Intel is about to bring forward a blockchain chip that is dramatically better. That’s an order of magnitude better in terms of power performance. In this way we help to solve the climate problem.”

Are they though? In any case, a “dramatically better” chip is always welcome. When the company announced their first customerswe quoted their press release:

“Today, at Intel, we declare our intent to contribute to the development of blockchain technologies, with a roadmap of energy-efficient accelerators. Intel will deploy and promote an open and secure blockchain ecosystem and help promote this technology in a responsible and sustainable manner.”

And we, jestingly and earnestly, applauded their efforts:

“That’s right, they are tackling the problem ‘in a responsible and sustainable way’. And they call the mining chips “accelerators” for some reason.

However, Intel’s CEO raises doubts. “We want to work with the industry to find ways that technologies like blockchain can also be properly regulated and managed. So they can really be fully realized,” he said. Forgot that Intel had just arrived in space and was here to make chips.

“This is one of those areas where we, yes, we’re going to work on solving this. Because this is a powerful technology. An immutable digitized leveraged input system can transform currency, transactions and supply chain, so yes, this one is exciting.

This man has no clue about the real power of bitcoin. And what exactly is an “immutable digitized leveraged input system”? There is a popular saying in the bitcoin community: “You don’t change bitcoin. Bitcoin changes you.” Looks like Intel will find out the hard way.

Featured Image: Gelsinger on Bloomberg, screenshot from this video† Charts by Trading Display



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