With a new chip specifically designed for mining cryptocurrencies, Intel announced that it’s throwing its hat in the blockchain technology game via Reuters. The firm is committed to sustainability and intends to create the most energy-efficient computer solutions at scale.
Intel’s first crypto-focused processor, dubbed a “blockchain accelerator,” will be available later this year. GRIID Infrastructures, a Bitcoin mining startup, and the Jack Dorsey-owned fintech company previously known as Square, Block, have both pre-ordered the technology.
In the announcement, Intel’s senior vice president, Raja Koduri, said that they expect these advancements to result in a blockchain accelerator with much better performance capabilities per watt compared to typical GPUs calibrated for SHA-256 based mining.
He was referring to the hashing algorithm of the SHA-256, which is used in the generation of Bitcoins and other cryptocurrencies.
More details regarding the chip will be accessible during the International Solid-State Circuits Conference, which begins on February 20th, Intel mentioned. PCMag stated that the business will give a presentation (PDF) named “Bonanza Mine: An Ultra-Low-Voltage Energy-Efficient Bitcoin Mining ASIC” on February 23rd at the ISCC. ASICs, or application-specific integrated circuits, are chips that are built to do a single purpose, such as bitcoin mining.
The environmental effect of cryptocurrency mining has grown to be a major concern, and Intel’s new processor might be an attempt to remedy this. Mining rigs that require a lot of power are frequently powered by coal and natural gas facilities, which are bad for the environment and lead to high electricity costs and rates of outages.
The matter has also been raised by US lawmakers in Congress, discussing how to address the increased energy usage linked with cryptocurrency mining and even requesting that Bitcoin firms reveal the amount of energy they consume.