JPMorgan Bitcoin congress CEO Jamie Dimon has walked back his criticism of bitcoin, saying its underlying technology could be useful for financial markets. Dimon in September threatened to fire Chase employees that invested the bank’s money in bitcoin or other cryptocurrencies. Bitcoin prices were cruising upward at the time, months before cryptocurrency values skyrocketed.
Dimon’s bank has since explored bitcoin futures trading and a blockchain-based payments system. Dimon said Tuesday, referring to the distributed ledger technology that underpins bitcoin and other cryptocurrencies. While some investors and bank chiefs have been skeptical of cryptocurrencies, they’ve lauded blockchain as a promising way to speed up payments and contracts. You can have cryptodollars in yen and stuff like that.
The bitcoin to me was always what the governments are gonna feel about bitcoin as it gets really big, and I just have a different opinion than other people. Dimon also lauded the GOP rewrite of the tax code passed in December, which dropped the corporate tax rate from 35 to 21 percent. Chase, the most valuable bank in the world, hasn’t said what it plans to do with the savings. It’s going to have a huge cumulative effect. I’m actually kind of surprised when people say having an uncompetitive tax system will be good for America. Dimon chairs the Business Roundtable, an advocacy group of corporate CEOs that pushed lawmakers to pass the tax overhaul.
Sign up for our daily email. Receive all Bitcoinist news in Telegram! Intel Corporation is interested in developing specialty hardware for the mining of Bitcoin, which may help small-time miners once again turn profits. A System on Chip implementing a Bitcoin mining hardware accelerator may include a processor core and a hardware accelerator coupled to the processor core. In laymen’s terms, Intel’s new hardware would theoretically make Bitcoin mining less energy intensive, and thus more profitable. In addition to operating several of the world’s largest Bitcoin mining pools, Bitmain manufactures ASIC chips and the mining hardware that uses those chips.
Intel, however, is set to add some competition for Bitmain’s centralized monopoly. Bitcoin mining is currently incredibly energy-inefficient and has proven to be less profitable the more the price of Bitcoin decreases. This, in turn, has forced out many small-time miners while increasing the stranglehold on the sector by large-scale operations, such as Bitmain. However, Intel’s new technology could make small-time mining profitable once again and, in doing so, help wrest control from the hands of mining giants.
Once this new Intel technology comes to market, ultimately more people will mine again because it’s profitable again, driving down the market value of the coins, and finding a new market balance that will again put locations with lower electricity costs back at the advantage. Intel has previously shown an interest in cryptocurrency. Last year, the semiconductor-producing giant partnered with Chinese firm Tencent for an Internet of Things blockchain solution. What do you think about the cost of Bitcoin mining? Would you be interested in more energy-efficient mining solutions from Intel?
Let us know in the comments below! Images courtesy of Shutterstock, Bitcoinist archives. Is the Catholic Church the Next Stop on the Blockchain Train? Catholic Church Next Stop on the Blockchain Train? The Catholic Church is probably not the first thing that jumps to mind when thinking of blockchain. But it seems as though those very scrolls could soon be moved onto a distributed ledger. Keplertek recently finished its Pre-Sale, thus concluding the final stage of its Pre-ICO.