Intel Launches New Chip for Crypto Mining and NFT Manufacturing


Intel on Friday released a new chip for blockchain applications such as Bitcoin mining and NFT minting to capitalize on the growing use of cryptocurrencies. The chip will ship later this year and early customers include Block, the Jack Dorsey-led company that recently changed its name from Square to highlight its growing focus on blockchain.

block chains They serve as public ledgers that keep records of transactions on a network of computers and have gained prominence in recent years. Their rise has also caused a stir around words like “Web3” and “NFT” that promote the decentralization of technologies.

Intel saying its chip is a low-power “accelerator” designed to speed up blockchain tasks that require large amounts of computing power and therefore consume a lot of power.

chip designer nvidiawhose graphics cards are widely used for mining activities, it also has a separate chip intended for Ethereal mining.

As part of expanding its footprint in space, Intel it has also formed a new segment called the Custom Computer Group within its graphics and accelerated computing systems business unit.

As noted in a previous article report By Tom’s Hardware, Intel has been working on its entry into the Bitcoin market for quite some time. In 2018, the US Patent and Trademark Office granted the chip giant a patent to efficiently mine cryptocurrencies using the SHA-256 algorithm. Intel also disclosed a small stake in major cryptocurrency exchange Coinbase in August 2021.

Unlike CPUs or GPUs which are geared towards a large number of use cases, ASIC (Application Specific Integrated Circuit) is a type of chip designed for a specific type of task. They only do one job, but they are specifically supposed to be good at it.

That said, Intel will face stiff competition from Bitmain and MicroBT, the world’s largest Bitcoin mining hardware manufacturers.

© Thomson Reuters 2021

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