Bitcoin analysis for 03/12/2018

The American technology giant Intel has filed a new patent application for "energetically efficient, highly productive Bitcoin extraction," according to the US Patent and Trademark Office (USPTO).

Intel's patent is dedicated to the hardware accelerator using the SHA-256 algorithm that uses optimized data paths and aims to reduce the energy consumption for Bitcoin extraction by as much as 15 percent: "Assemblies of SHA engines can consume many powers (eg with a frequency greater than 200 W). [...] Embodiments of this disclosure include energy-saving SHIC motors based on ASICs that use less energy to extract Bitcoins" - we read in the document.

Earlier this spring, Intel filed another patent application to reduce the amount of energy consumed by cryptographic mining, by minimizing energy consumption for hash and maximizing performance per watt. Earlier this year, Intel partnered with the decentralized application platform (DApp) Enigma to launch Blockchain testnet, providing the first environment for scalable and comprehensive decentralized applications.

Let's now take a look at the Bitcoin technical picture at the H4 time frame. The market keeps trading inside of the narrow horizontal zone established between the levels of $3,819 - $4,373. The larger time frame trend remains down and there are no signs of any trend reversal. The key technical support is seen at the level of $3,440 and the weak and negative momentum indicates a possible slide towards this level soon.

analytics5c04c9600315f.jpg

The material has been provided by InstaForex Company - www.instaforex.com