Intel doesn't want to miss playing in the blockchain realm by releasing a chip designed to mine cryptocurrencies, including Bitcoin.
The chip, which Intel calls a "blockchain accelerator" will start shipping in 2022, and Intel is focused on sustainability. They also plan to develop chips that -- to a certain extent -- are efficient in power consumption.
So far, two companies have ordered this Intel technology, namely a Bitcoin mining company named Griid and Block, a fintech company created by Jack Dorsey, previously called Square.
"We expect our circuit innovation to deliver a blockchain accelerator that has 1000x better performance per watt than using mainstream GPUs for SHA-256-based mining," said Raja Koduri, Intel Senior Vice President.
SHA-256 is the algorithm used by Bitcoin and several other cryptocurrencies.
More information about this Bitcoin mining chip will be shared by Intel at the International Solid State Circuits Conference (ISCC), which will be held on 20 February.
Intel is scheduled to give a presentation on February 23 at the ISCC, with a presentation entitled "Bonanza Mine: An Ultra Low-Voltage Energy-Efficient Bitcoin Mining ASIC. ASIC stands for application-specific integrated circuits, which is a chip designed specifically for one purpose, in this case is mining crypto currency.
So far, crypto mining has at least one big problem. Namely the impact of crypto mining on the environment, because of its large power consumption. In addition, large crypto mines usually get their power from coal-fired power plants and natural gas, which are feared to harm the environment.
Even this mining also contributes to the high cost of electricity and can also lead to a lack of electricity supply in certain areas.