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| Intel officially enters the field of cryptocurrency mining |
Intel has unveiled a new chip for blockchain applications such as bitcoin mining and NFT mining to take advantage of the growing popularity of cryptocurrencies.
ASIC chips will be shipped later this year. One of the early clients is Block, run by Jack Dorsey, who recently changed his name to Square to reflect his growing interest in blockchain. Intel's clients also include the Griid Infrastructure for Bitcoin Agent and Argo Blockchain.
Blockchain technology works like a public ledger, keeping records of transactions across computer networks. It has grown over the past few years. Its rise has also caused an uproar over terms such as Web 3 and NFTs, which promote decentralization in technology.
Intel claims that its chips are a power-saving accelerator designed to speed up blockchain tasks that require a lot of processing power and therefore consume a lot of power.
The chip design company Nvidia, whose graphics cards are widely used in mining, has a separate chip dedicated to Ethereum mining.
As part of strengthening its presence in this area, Intel has also created a new entity within the Accelerated Computing and Graphics Systems business unit called the Special Purpose Computing Group.
The team focuses on developing custom silicone platforms that are optimized for customer workloads. Including the blockchain and other supercomputing capabilities.
Bitcoin mining uses specialized computers (or crypto platforms) to solve cryptographic equations and store this data on the blockchain.
Mining is basically a way to accumulate cryptocurrencies without paying any fees. But it requires high-end hardware with powerful GPUs, which makes it expensive to buy and run.
Intel wants to take advantage of the cryptocurrency boom
The CEO of the Accelerated Computing and Graphics Systems Group wrote: “Intel participates in and promotes an open and secure blockchain ecosystem and helps advance technology in a responsible and sustainable manner.
He said customers are looking for robust and scalable systems. He encouraged companies to focus on realizing the full potential of blockchain technology by developing the most energy-efficient computing technology at scale.
Performance per watt of Intel Blockchain Accelerator is 1,000 times better than traditional SHA-256-based GPUs.
In addition, the new chips will not have a significant impact on Intel's current product offerings. The design is made from a small piece of silicone.
As the market grows and increases in popularity, more and more technology companies are involved in cryptocurrency mining. Experts also predict that 90% of the world's population may adopt cryptocurrency within the next decade.
The cryptocurrency market has grown steadily in recent years. It increased from $1.44 billion in 2020 to $1.63 billion in 2021.