Intel Blockchain Chip: The New Crypto Mining Revolution Likely To Begin

With the rise in popularity and value, many people turn to cryptocurrencies like Bitcoin. So it’s no wonder that Intel has announced a new chip for blockchain applications like NFT’s minting and Bitcoin mining.  The blockchain chip will make it easier than ever before possible with just one click.

Jack Dorsey-led firm that recently changed its name from Square Inc has announced the launch of its first product, a payment processing chip explicitly designed for blockchains. The company says it will begin shipping later this year. Customers include Block Inc., a leader in cryptocurrencies whose CEO also happens to be one half (or cofounder) behind Twitter & Instagram.

Related Reading | Intel To Enter Bitcoin Mining ASIC Market By Introducing The Bonanza Chip

What is Blockchain? The buzzword of the moment, blockchain, has grown in prominence over recent years. It’s a public ledger system that keeps records on an electronic network. Its rise to fame prompted many discussions surrounding Web 3 vs. NFTs – or how they are both trying to decentralize technologies.

Intel’s new blockchain chip will accelerate blockchain tasks and cut energy consumption. The company announced that their latest processor consumes less power and offers faster speeds than other existing chips on the market. As a result, it can process data more quickly while using far fewer resources like electricity or cooling systems.

While Nvidia’s graphics cards are commonly used for mining activities, the company also manufactures a separate blockchain chip designed specifically to mine Ethereum.

Intel has grown its presence in the computing industry with an all-new group called Custom Computing Group. The company’s ACG Business Unit will be focusing on providing high-performance computing solutions for researchers and scientists worldwide, making them more potent than ever before.

Intel’s Vision Behind The Blockchain Chip

We’re living in exciting times! The potential of blockchain to make everything better is just around the corner. People call this an inflection point for computing, and it could mean more access than ever before – not only financially but also concerning knowledge/content creation tools that will empower everyone on earth regardless of their circumstances or location (and even those who don’t yet have internet).

Related Reading | How Blockchain Technology Is Transforming Online Gaming Landscape

Raja M. Koduri, Senior Vice President, Accelerated Computing Systems and Graphics Group at Intel Corporation, said in their announcement on Intel’s website:

Today, we at Intel declare our intent to contribute to developing blockchain technologies with a roadmap of energy-efficient accelerators. In addition, Intel will engage and promote an open and secure blockchain ecosystem and help advance this technology responsibly and sustainably.  

Additionally, Koduri said;

We’re committed to providing sustainable and scalable solutions for our customers. That is why we are focused on developing the most energy-efficient computing technologies at scale so that blockchain can realize its full potential without consuming too much power.

Intel’s new zetta-scale computing initiative will help them deliver energy-efficient solutions that make our tomorrow better than today.

                    Featured image by Pixabay and chart from Tradingview.com