Intel Introduces a New Bitcoin Mining Processor by Mike Dalton
Intel has announced the launch of a new line of Bitcoin mining processors dubbed “Blockscale” later this year.
Numerous mining businesses, including Argo, Hive, GRIID, and Block Inc., have placed orders for the chip (formerly Square).
While Bitmain continues to dominate the production of mining chips, Intel and other mainstream companies are increasingly getting involved.
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According to a press statement released on April 4, semiconductor giant Intel announced the launch of a new bitcoin mining chip.
Intel Announces the Launch of Blockscale ASICs
Intel will launch its “Blockscale” family of application-specific integrated circuits (ASICs) later this year. The range of chips is intended for mining Bitcoin and other SHA-256-based algorithms.
Beginning in Q3 2022, the product will be distributed to blockchain mining businesses such as Argo, Hive, and GRIID. Block Inc. (previously Square), founded by Jack Dorsey, is also recognised as a beneficiary.
Balaji Kanigicherla, an Intel spokesperson, said that mining is a booming sector, stating that “momentum surrounding blockchain technology continues to rise.” Indeed, in February, Bitcoin’s mining hash rate increased to an all-time high of 248 million terahashes per second (TH/s).
Kanigicherla said Intel’s processors are designed to strike a “optimal balance” between high hash rate and energy efficiency. The devices will be capable of hashing at speeds of up to 580 gigahashes per second while using as low as 26 joules of electricity per terahash.
Intel has been developing ASICs for a long period of time. In 2018, the business submitted the first patents relating to the technique. Additionally, it mentioned a chip line named “Bonanza Mine” at a conference this year.
Mining Attracts a Growing Number of Businesses
Bitmain, a Chinese business founded in 2013, has traditionally dominated the field of mining chips. According to 2018 estimates, the company is responsible for 75% of all mining equipment.
Other firms, such as Canaan Creative and Bitfury, rose to prominence in the early years of the mining chip sector.
However, conventional corporations are rapidly expanding into the fabrication of mining chips. In early 2021, Intel’s rival Nvidia separated its product lines into gaming GPUs and crypto mining CPUs. Late last year, Intel replied to that move by announcing that, unlike Nvidia, it will not restrict the hash rate of its GPUs. Furthermore, Samsung stated in 2018 that it makes ASICs for private clients but offered little information.