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Intel launches a blockchain chip for energy-efficient crypto mining

Intel Launches Blockchain Banner Image 1280x720

On February 11, 2022, senior vice president of accelerated computing systems and graphics group at Intel Raja M. Koduri announced that the company is starting to invest in blockchain technology, mainly focusing on efficiency and sustainability. They plan to release energy-efficient crypto mining accelerators this year to reduce the electrical consumption of blockchains. 

‘We are mindful that some blockchains require an enormous amount of computing power, which unfortunately translates to an immense amount of energy. Our customers are asking for scalable and sustainable solutions, which is why we are focusing our efforts on realizing the full potential of blockchain by developing the most energy-efficient computing technologies at scale’, Koduri explained in the written announcement.

Moreover, the firm is planning to form an International Solid-State Circuits Conference in Kudori’s division, handling the creation of custom silicon platforms to optimise blockchain performance.

Compared to standard GPUs for mining cryptocurrencies that operate on SHA-256 encryption, Koduri reveals that its circuit innovations are set to establish a blockchain accelerator that has approximately 1,000 times more enhanced performance per watt.

Although its official release date has not yet been announced, the tech company has already signed with two other entities, including Bitcoin mining company GRIID Infrastructures and financial services named Block. 

‘Argo Blockchain, BLOCK (formerly known as Square), and GRIID Infrastructure are among our first customers for this upcoming product. This architecture is implemented on a tiny piece of silicon to have minimal impact on the supply of current products’, said Intel.

On February 23, 2022, Intel is scheduled to make a presentation at the ISCC called ‘Bonanza Mine: An Ultra-Low-Voltage Energy-Efficient Bitcoin Mining ASIC’ to spread more information about the chip. 

The negative environmental impact that crypto mining brings has prompted Intel to launch the chip in an attempt to address the problem. 

Additionally, the government of the United States of America, along with its lawmakers, have discussed the crypto mining issue, deliberating on regulating the surging energy consumption that crypto mining entails. Most Bitcoin companies are also encouraged to reveal how much energy they consume when processing crypto transactions.

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