Intel Introduces a High-Performance Chip for Bitcoin Mining

Raja Koduri, Senior Vice President of Intel’s Accelerated Computing Systems and Graphics Group, has announced the company’s intention to contribute to the development of blockchain technologies, starting with the launch of energy-efficient crypto mining accelerators set to be released this year. The chip is expected to begin shipping at the end of 2022. Among Intel’s first customers will be Block (formerly Square), the company led by former Twitter CEO Jack Dorsey, as well as mining companies Argo Blockchain and GRIID Infrastructure.

The chip is designed to enable the most efficient Bitcoin mining possible. Intel shared this news in a statement on its website, emphasizing its plans to participate in the advancement of blockchain technologies through new, energy-efficient methods.

New Custom Compute Group Formed

To support these efforts, Intel has established a new division called the Custom Compute Group within its Accelerated Computing Systems and Graphics unit.

Intel’s laboratory has dedicated decades to researching reliable cryptography, hashing methods, and ultra-low voltage circuit designs. Innovations in these circuits will allow the creation of a blockchain accelerator with performance per watt more than 1,000 times greater than that of standard graphics processors used for SHA-256-based mining.

The company also noted that “the chip’s architecture is implemented on a tiny piece of silicon, so its production will have minimal impact on the supply of current products.”

Industry Context and Future Plans

Chip developer Nvidia, whose graphics cards are widely used for mining, also has a dedicated chip designed for Ethereum mining.

Previously, Intel representatives officially stated their intention to enter the blockchain market and establish themselves as one of its key players. Experts say that the release of this specialized mining chip is only the first step in this direction.

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