Is Intel on its way to making Bitcoin Mining energy efficient?

• In February, the International Solid-State Circuits Conference (ISSCC) is going to be organized
• During the conference, Intel plans to present its new “Bonanza-mine” processor
• $223 billion company will enter into the market where are companies like Bitmain and MicroBT already there

According to the ISSCC, Intel will present the “Bonanza Mine” processor, a chip dedicated to only crypto-mining. Specialized processor showcasing itself as an ultra-low-voltage energy-efficient ASIC for Bitcoin mining. Crypto mining like Bitcoin tends to be a tedious process, and it consumes a considerable amount of energy in the form of electricity used by supercomputers mining it. Bitcoin Mining consumes electricity as much as many nations do.

As Intel says its processor to be ultra-low-voltage, it will be an energy-efficient chip eventually. And this will be a perfect product to enter the crypto world by solving one of the most burning issues. However, crypto is not new to Intel as it consists of some stakes in the crypto exchange firm Coinbase. 

– Advertisement –

ALSO READ – DIGITAL YUAN WITNESSED HUGE INCREASE LAST YEAR TO $11.24 BILLION

As its description suggests, Intel’s new Bonanza mine chip will be an application-specific integrated circuit or AICC. They are the processors manufactured for specific use by an application. It’s very different from regular CPUs or GPUs chips meant for general uses. Bitcoin mining mainly used ASIC, and hence Intel’s chip was also only focused on it.  

The primary focus of Intel is obviously to provide processors specified for Bitcoin mining because the mining industries were heavily dependent on high powered CPUs and GPUs. Observing that GPUs are meant for gaming, not mining, Intel decided to disrupt the game itself. This ASIC from Intel is scheduled to be unveiled on 23 Feb. It’s still not disclosed that the demonstration will present a ready to use the processor or just a prototype chip.