Intel Officially Enters The Bitcoin Mining Market

The company plans to bring new Bitcoin mining chips to compete with ASIC devices.

Intel has announced plans to fully embrace blockchain technology and enter the Bitcoin mining market with brand new chips that will be available later in 2022. The company is aware that “some blockchains require massive computing power”, so it is focusing its efforts on developing the most energy-efficient technologies.

- Advertisement -

So far, Argo Blockchain, BLOCK (formerly Square) and GRID are Intel’s first customers for this new product.

As the company’s new architecture is implemented on a tiny piece of silicon, it will have minimal impact on the supply of other Intel processors. In order to design and build its new hardware for the blockchain, Intel has created a new group called the Custom Compute Group that will operate under the direction of the Accelerated Computing Systems and Graphics (AXG) division led by Raja Koduri.

Related: A Giant Crypto Mining “Nest” Is Hiding in The Kazakhstan Desert [VIDEO]

According to a recent post on Tom’s Hardware, much is already known about Intel’s new hardware, as the site found a mention of the Bonanza Mine chips in a presentation at this year’s International Solid-State Circuits Conference (ISSCC) scheduled for February 20.

However, Intel has already moved on to the second-generation Bonanza Mine chip known as BMZ2.

This new chip features a specialized architecture designed specifically to accelerate SHA-256 processing for Bitcoin mining at ultra-low power consumption. In fact, Intel claims that these energy-efficient chips will have “over 1000 times better performance per watts compared to mainstream GPUs for SHA-256-based mining.”

- Advertisement -

It’s worth noting, however, that GPUs are rarely used for SHA-256 mining and Bitcoin mining is usually done on specialized ASIC processors designed to perform one type of workload.

However, ASIC devices such as the Antminer E9 from Bitmain are often quite expensive and difficult to obtain.

Related: 10 Best Crypto to Mine Without Special Hardware Equipment

- Advertisement -

We will likely learn more about Intel’s entry into the Bitcoin mining market once the new chips start shipping to customers later this year.

Previous Articles:

- Advertisement -

Latest News

Ripple Applies for US Banking License, Seeks Fed Master Account

Ripple Labs is seeking a national banking license in the United States from the...

Radix Launches Early Test for 1 Billion XRD DeFi Rewards Campaign

Radix will run a public test of its new DeFi rewards campaign from July...

Investors Pump $380M into Four Surging DeFi Protocols in June

Four emerging DeFi projects saw a combined inflow...

FHFA Chief Demands Probe Into Powell Over $2.5B Fed HQ Revamp

FHFA Director William J. Pulte has called for an immediate Congressional investigation into Federal...

SEC to Review Grayscale GDLC ETF Approval, Stays Conversion Order

The U.S. Securities and Exchange Commission (SEC) is reviewing its staff’s approval to convert...

Must Read

10 Best Crypto to Mine Without Special Hardware Equipment

A lot of people mostly think that it takes a difficult process to mine cryptocurrency. today we are going to show you some of...