Intel’s Bitcoin Mining Chip Will Be 1000 Times Faster Than Its Competitors

Intel Corp released a new version of an energy-efficient super-fast processor chip for blockchain applications on Friday. Intel’s “blockchain accelerator,” which is said to be 1000x quicker than its competitors, will be available to clients later this year.

Raja M. Koduri, Senior Vice President, General Manager, Accelerated Computing System, and Graphics Group, elaborates on the introduction of Intel’s bitcoin accelerator in an official announcement.

Raja said:

“Today, we at Intel are declaring our intent to contribute to the development of blockchain technologies, with a roadmap of energy-efficient accelerators. Intel will engage and promote an open and secure blockchain ecosystem and will help advance this technology in a responsible and sustainable way,”

Last month, Intel, the world’s second-largest semiconductor chip producer after TSMC, planned a session at the ISSCC conference under the heading “Highlighted Chip Releases.”

It has introduced its future blockchain chip as a “Bonanza Mine” processor, describing it as a “ultra-low-voltage energy-efficient Bitcoin mining ASIC.”

Block Inc., directed by Jack Dorsey, is one of the key clients that have expressed interest in the new processing chip (formerly Square). Raja informed:

“Argo Blockchain, BLOCK (formerly known as Square), and GRIID Infrastructure are among our first customers for this upcoming product. This architecture is implemented on a tiny piece of silicon so that it has minimal impact to the supply of current products,” 

The new processor, which is expected to be released later in 2021, claims to make Bitcoin mining faster with lower energy consumption. Intel anticipates that its circuit enhancements will result in a blockchain accelerator with over 1000x better performance per watt than current GPUs for SHA-256 mining.

Intel’s entry into the blockchain business as a source of high processing capacity may entice other firms to enter the mining industry.

Block, Jack Dorsey’s company, has stated that it is aiming to launch a new bitcoin mining equipment designed for at-home use.

However, MicroBT, a well-known manufacturer of Bitcoin mining hardware devices, and Bitmain will compete with Intel’s entry into the blockchain business as a source of speed and scalability solutions.

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Patrick

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