Intel is investing in blockchain technology with a new chip designed for cryptocurrency mining. The company is focusing on sustainability and plans to “develop the most energy-efficient computing technologies at scale.”.
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Intel's first crypto chip, which the company calls a "blockchain accelerator," is set to launch later this year. Two companies have already pre-ordered the technology, including Bitcoin mining company GRIID Infrastructures and Block, the fintech company owned by Jack Dorsey, formerly known as Square.
“We expect our circuit innovations to deliver a blockchain accelerator that has over 1000 times better performance per watt than mainstream GPUs for SHA-256-based mining,” explains Raja Koduri, Intel’s senior vice president, in the announcement, referring to the SHA-256 hashing algorithm used to create Bitcoin and a number of other cryptocurrencies.
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Intel says more information about the crypto chip will be available at the International Solid-State Circuits Conference, which begins on February 20. As PCMag notes, the company is scheduled to give a presentation (PDF) at ISCC on February 23, titled “Bonanza Mine: An Ultra-Low-Voltage Energy-Efficient Bitcoin Mining ASIC.” An ASIC, or application-specific integrated circuit, is a chip designed for a specific task, such as cryptocurrency mining.
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The environmental impact of cryptocurrency mining has become a huge concern, and Intel's new chip may be an attempt to address it. Energy-intensive mining rigs often get their power from coal and natural gas plants that can harm the environment and can contribute to high electricity costs and power outages. U.S. lawmakers have even raised the issue in Congress, debating how to address the growing energy consumption associated with cryptocurrency mining.
Source of information: theverge.com
