Previously Intel and AMD dominated this market for computers but this is changing. ARM, which is not new to the market at all, has previously mainly focused on battery-powered and portable devices such as mobile phones. Now they have also entered the server market with no less than Amazon as a manufacturing partner.
ARM processors are very energy efficient just because they are adapted for battery operation. They have also been told that they are a bit slower than a processor with equivalent clock frequency by Intel but this is not quite right. modern ARM proccesorer have proven that they can perform as well and better - but at a much lower power consumption.
Is it just a matter of replacing your old server with an ARM-based then to save energy? No, unfortunately, it is not that simple but all software must be compatible with ARMv7 (instead of Intels x86). This means that much of the software that exists is not yet compatible. This obviously keeps changing and more and more software now gets versions for ARMv7.
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