Intel To Enter Crypto Mining Space With New “Energy Efficient” Chips

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Intel already counts Argo Blockchain, BLOCK (formerly known as Square), and GRIID Infrastructure among the first customers for its upcoming new semiconductors.

Semiconductor company Intel is making inroads into the cryptocurrency mining market as it develops new “energy-efficient” chips due to ship later this year. In a company blog post, Intel Senior Vice President and General Manager in the company’s Accelerated Computing and Graphics Group, Raja M. Koduri, said the company is aware that some blockchains require enormous amount of computing power, which unfortunately translates into an immense amount of energy. Therefore, “We are focusing our efforts on harnessing the full potential of blockchain by developing the most energy-efficient computing technologies at scale.”

Koduri said in the blog post on Friday that with the company’s research arm, Intel Labs, which has devoted decades of research into trusted cryptography, hashing techniques, and ultra-low-voltage circuitry, “we expect our circuitry innovations to deliver a blockchain accelerator that has over 1000x better performance per watt than conventional GPUs for SHA-256 based mining.” SHA-256 or Secure Hash Algorithm is among the many cryptographic hash functions used for blockchain mining. bitcoin.

Intel already counts Argo Blockchain, BLOCK (formerly known as Square), and GRIID Infrastructure among the first customers for its upcoming new semiconductors. Koduri said this architecture is implemented on a small piece of silicon so that it has minimal impact on current product supply.

Also Read: Accounting Firm KPMG Doubles Down On Crypto; buy Bitcoin, Ethereum for your corporate treasury

The company’s focus on ensuring energy efficiency in new blockchain accelerator chips underscores global concerns related to the alleged environmental impact of bitcoin mining due to the enormous energy consumed in the process. “We aspire to harness technologies from our zetta-scale computing initiative to deliver energy-efficient solutions that make our tomorrow better than our present,” said Koduri. Bitman, MicroBT, and Goldshell are other companies in the crypto mining space.

The new chips would add to Intel’s presence in the crypto market. The company had disclosed its stake in US crypto exchange Coinbase in a filing with the US SEC in August last year. Intel owned 3,014 CoinBase Class A shares as of June 30. The stake at the time was worth about $790,000.

Intel competitor Samsung, which overtook the former to lead the global chip market in 2021, according to Counterpoint Research, was said to be working on crypto mining chips. According to a TechCrunch report from February 2018, a Samsung spokesperson said that its foundry business is dedicated to manufacturing cryptocurrency mining chips.

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