Intel is already active in the bitcoin mining chip business, filing shows

Bitcoin mining company Griid quietly made a significant disclosure last month: a deal with tech conglomerate Intel to provide it with hardware.

The deal, first reported Tuesday by Fox Business, was detailed in Griid’s S-4 filing from late December. As reported in November, Griid is preparing to go public via a special-purpose acquisition vehicle, or SPAC, a process that will value the firm at more than $3 billion.

As the filing states:

“On September 8, 2021, GRIID entered to a supply agreement (the “Intel Supply Agreement”) pursuant to which GRIID may purchase Intel-designed BZM2 ASICs. The Intel Supply Agreement is for an initial four-year term and will automatically renew thereafter for one one-year period unless either party provides at least 90 days’ notice prior to the end of the initial four-year term. The Intel Supply Agreement provides GRIID with fixed pricing for the BZM2 ASICs for all orders placed prior to May 2023. In addition, subject to certain conditions, GRIID will be entitled to purchase from Intel at least 25% of all qualified Intel-designed ASICs through approximately May 2025.”

Indeed, the deal highlights the potential for Intel to obtain market share among US bitcoin miners. The US is home to the largest population of miners in the wake of China’s regulatory crackdown.