Intel’s Bitcoin Mining Chip Will Be 1000 Times Faster Than Competitors, Vice President Claims

Intel claims that its processor for blockchain applications is up to 1000 times quicker than the fastest competitor.

Intel Corp. announced the debut of a new energy-efficient, ultra-fast processor chip designed for blockchain applications on Friday. Intel’s “blockchain accelerator,” which is said to be 1000x quicker than its closest competitors, will be offered to consumers later this year.

Raja M. Koduri, Senior Vice President, General Manager, Accelerated Computing System, and Graphics Group, provides further details on the debut of Intel’s bitcoin accelerator.

“Today, Intel declares its intention to contribute to the development of blockchain technology via the creation of an energy-efficient accelerator roadmap. Intel will participate in and support an open and secure blockchain ecosystem, as well as contribute to the responsible and sustainable development of this technology,” Raja said in an article published on the Intel Newsroom.

Intel, the world’s second-biggest semiconductor chipmaker behind TSMC, planned a presentation at the ISSCC conference last month under the heading “Highlighted Chip Releases.”

It had dubbed its next chip for the blockchain sector the “Bonanza Mine” and touted it as a “ultra-low-voltage energy-efficient Bitcoin mining ASIC.”

Block Inc., directed by Jack Dorsey, is one of the key customers that have shown interest in the new processing chip (formerly Square).

“Among our initial clients for this future offering are Argo Blockchain, BLOCK (previously known as Square), and GRIID Infrastructure. This design is built on a little piece of silicon to provide minimum disruption to the supply chain for existing goods,” Raja said.

Increased Decentralization of Bitcoin?

The new Intel processor, which is expected to be released later in 2021, claims to make Bitcoin mining faster and more energy-efficient.

“We anticipate that our circuit enhancements will result in a blockchain accelerator that outperforms standard GPUs in terms of performance per watt for SHA-256 mining,” Raja added.

Intel’s entry into the blockchain business as a source of high-performance processing capacity has the potential to draw other participants to the area of mining.

Block, founded by Jack Dorsey, has stated that it is preparing to put a new bitcoin mining system for residential usage online.

Intel’s foray into the blockchain market as a supplier of speed and scalability solutions, however, will face stiff competition from MicroBT, a well-known manufacturer of Bitcoin mining gear, and Bitmain.

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