Intel Launches Powerful Blockchain Chip: Bitcoin Mining and NFT Minitng

 Intel Chip for Bitcoin Mining and NFT Minting

On Friday, February 11, Intel Corp unveiled a new chip for blockchain applications such as Bitcoin Mining and NFT mining to take advantage of the growing benefits of cryptocurrencies.

Intel claims that its chip is a “fast” power processor designed to accelerate blockchain performance that requires a lot of computing power and therefore a lot of power consumption.

Blockchains serve as public bank accounts that record transactions on computer networks and have gained popularity in recent years. Its status display also caused a lot of noise and phrases like “Web.3” and “NFT” which influenced the launch of the technology.

The explosion will spread to early customers later this year, including Block Inc, led by Jack Dorsey (former Twitter CEO), who recently changed his name from Square Inc to show interest in growing on the blockchain.

As part of strengthening its presence and footprint, Intel has introduced a new division called the Custom Compute Group within the accelerated graphics processing systems business.

Chip designer Nvidia Corp, whose graphics card is commonly used for mining, also has several chips for Ethereum mining.

“We expect our new circuit to provide blockchain acceleration that delivers more than 1,000 times the performance of traditional SHA-256-based mining GPUs,” Intel Vice President Raja Koduri explained in the statement, referring to the SHA hash algorithm 256. It is used to generate Bitcoin and many other cryptocurrencies.

Intel said more information about the explosion will be available at the International Solid-State Circuit Conference, which begins February 20.

The company will unveil a PDF at the ISCC on February 23, titled “Bonanza Mine,” an application-specific ultra-low-voltage Bitcoin mining or IC, is a chip designed for a specific service, such as mining cryptocurrencies. 

The environmental impact of digital currency mining has become a major concern, and Intel's new chips could be an attempt to address it. Energy for power generation from mines is typically derived from coal and gas-fired power plants, which can harm the environment and can contribute to high electricity costs and power outages.

US lawmakers have taken the matter to Congress, debating how to address the power outage associated with cryptocurrency mining and even asking Bitcoin companies to disclose how much energy they use.