According to Intel’s VP, its Bitcoin mining chip will be faster than its closest rivals by 1000 times.
The launch of an energy-efficient super-fast processing chip for blockchain applications was announced by Intel Corp on Friday. Intel’s “blockchain accelerator,” which is said to be 1000 times quicker than its closest competitors, will be offered to consumers later this year.
Intel’s Entrance into the World of Blockchain Processing Chips
Raja M. Koduri, Senior Vice President and General Manager, Accelerated Computing System and Graphics Group, elaborates on the launch of the Intel bitcoin accelerator in an official statement.
Intel has announced its intention to help the development of blockchain technologies by releasing a roadmap of energy-efficient accelerators today.
“Intel will engage in and support an open and secure blockchain ecosystem, as well as assist in the responsible and sustainable advancement of this technology,” Raja stated.
Intel, the world’s second-largest semiconductor chip maker after TSMC, had scheduled a presentation at the ISSCC conference under the heading “Highlighted Chip Releases.”
It had dubbed its next blockchain chip the “Bonanza Mine” processor and touted it as an “ultra-low-voltage energy-efficient Bitcoin mining ASIC.”
The First Clients are Jack Dorsey and Block
Jack Dorsey-led Block Inc is one of the major clients who has expressed interest in the new processor chip (formerly Square).
Our first customers for this future solution are Argo Blockchain, BLOCK (previously known as Square), and GRIID Infrastructure. “This design is done on a very little piece of silicon, therefore it has very little influence on existing product supply,” Raja explained.
The new Intel processor, which is expected to be ready later in 2021, claims to make BTC mining faster and more energy-efficient.
Increased Decentralization of Bitcoin?
“We expect our circuit advancements to offer a blockchain accelerator with over 1000x greater performance per watt for SHA-256 based mining than conventional GPUs,” Raja stated.
Intel’s entry into the blockchain business as a provider of high-speed processing capacity may entice more people to participate in mining.
Block, the company founded by Jack Dorsey, has announced that it is trying to bring a new bitcoin mining equipment to market for at-home use.
MicroBT, a well-known producer of Bitcoin mining hardware devices, and Bitmain will compete with Intel’s debut into the blockchain market as a speed and scalability solution provider.