Intel, a California-based technology company and the world’s largest semiconductor chip manufacturer by revenue has just announced that it is making a new chip that’s designed to mine cryptocurrency.
Unlike other chips used to mine cryptocurrency, the company revealed that their chip would be focused on sustainability and performance. Its crypto-mining chips will be 1000 times faster than mainstream chips available in the market, according to RajaKoduri, Intel’s senior vice president.
Here’s what Koduri wrote at Intel Corporation, in a blog post:
“We expect that our circuit innovations will deliver a blockchain accelerator that has over 1000x better performance per watt than mainstream GPUs for SHA-256 based mining. You will be able to learn more about our circuit innovations at the International Solid State Circuit Conference (ISSCC) this month.”
According to Intel, the new chip’s architecture is implemented “on a tiny piece of silicon.” This is meant to have a minimal impact on the supply of current products, as the world continues to face a shortage of chipsets.
This coming February 20, Intel will reveal more details at the International Solid-State Circuits Conference where the company is scheduled to make a presentation titled “Bonanza Mine: An Ultra-Low-Voltage Energy-Efficient Bitcoin Mining ASIC.”
Since the entire process of mining consumes a lot of energy, Intel promised sustainability and energy-efficient mining.
Competitors like MicroBT, a well-known provider of Bitcoin mining hardware products, and Bitmain is one of Intel’s challenges to face in the near future as the company’s entry into the blockchain industry as a speed and scalability solution provider.
Meanwhile, chip designer Nvidia Corp, whose graphics cards are used widely for mining activities, also has a separate chip meant for Ethereum mining. As a part of furthering its footprint in the space, Intel has also formed a new segment called Custom Compute Group within its Accelerated Computing Systems and Graphics business unit.