Mining will be Obsolete?

i wasn't sure where to put this so plase move if there is a better place for it to reside.

say goodbye to pools and your rigs.

Intel looks to eliminate miners with DLT automation

QuoteIn a move that could make cryptocurrency miners a little nervous, software giant Intel is exploring how to make the mining process obsolete. The company filed a patent two years ago with the U.S. Patent & Trademark Office (USPTO) for a system that would make transaction verification on a distributed ledger automatic, negating the necessity of paying miners for the service.

The USPTO published last Thursday the details of the patent, which describes a system that would automatically partition and update distributed ledgers. The system contains a processor that can autonomously verify the validity of new block and, subsequently, attach them to the ledger. ...

disclaimer: the BTC/BCH battle is present in this article. i take neither side in that battle.

I doubt this. Proof of stake has been coming on ETH for years now, and its implementation date keeps getting pushed to the right.

Even if this does get released, there will still be mined coins in addition to whatever coins IBM creates.

why bother, no one cares.

Foxx wrote:i wasn't sure where to put this so plase move if there is a better place for it to reside.

say goodbye to pools and your rigs.

Intel looks to eliminate miners with DLT automation

QuoteIn a move that could make cryptocurrency miners a little nervous, software giant Intel is exploring how to make the mining process obsolete. The company filed a patent two years ago with the U.S. Patent & Trademark Office (USPTO) for a system that would make transaction verification on a distributed ledger automatic, negating the necessity of paying miners for the service.

The USPTO published last Thursday the details of the patent, which describes a system that would automatically partition and update distributed ledgers. The system contains a processor that can autonomously verify the validity of new block and, subsequently, attach them to the ledger. ...

disclaimer: the BTC/BCH battle is present in this article. i take neither side in that battle.

That sounds like someone saying that walking is obsolete when they found out they could ride a bike or drive a car. Just because it is patented by a big company doesn't mean it's going to be popular. What does Intel want with this technology anyway? And I guess I don't get it, it just sounds like another blockchain to me, but one that they control and can upscale with all the hardware they can develop.

The only way to make coins is to have something do the calculations. If everyone who mined sha-256 and scrypt stopped mining, there would be no more coins.
This is saying the side street of mining "block chain transactions and trading" could be made easier, and so miners would be cut out of the little extra they sometimes get for "helping" with the blockchain "transactions and trading", the unseen automatic thing they do when they mine.