Tech giant and microprocessor maker Intel is releasing a new chip for Bitcoin mining and NFT minting. This signals the strategic move of the company to cash in on the rise of cryptocurrencies and the NFT boom. The new product specifically attacks efficiency, ease of use and sustainability.
About Intel’s Blockchain Chip
According to Intel, the new blockchain chip functions 1,000 times faster than most conventional Graphics Processing Units (GPUs). It is an energy-efficient “accelerator” that speeds up blockchain tasks that require vast amounts of computing power and consume a lot of energy. In effect, it will make Bitcoin mining effortless at a fraction of the cost. It can also reduce the otherwise sizeable carbon footprint of blockchain mining activities.
Shipping of the chips will commence later in 2022. As early as now, Intel has already secured its first customers: GRIID Infrastructure and newly rebranded Block Inc. (formerly Square Inc.). Jack Dorsey changed the company name to signify its pivot towards blockchain technology.
The tech space expected Intel to launch a blockchain product. Its competitor NVIDIA Corp. is doubling down on its efforts to capture the opportunities in the blockchain space. It has already launched a dedicated chip to support Ethereum-based mining, not to mention the other widely used chips for mining activities.
Intel is in it for the long run because it has already made organizational changes for blockchain products. It formed a new segment called Custom Compute Group within its Accelerated Computing Systems and Graphics business. In addition, it also purchased Israeli firm Tower Semiconductor. The $5.4 billion deal will address the shortage and put the company at the forefront of making custom-designed chips.
We can look forward to more blockchain-related products from Intel. In a blog post, the company said it will “focus its efforts on realizing the full potential of blockchain by developing the most energy-efficient computing technologies at scale.”
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