Intel marks its entry into the crypto space with its blockchain accelerator coming later in 2022

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California-based multinational corporation and technology company Intel (NASDAQ:INTC) is entering the crypto space. On Friday, the senior vice president of Intel’s accelerated computing systems and graphics group, Raja M. Koduri, announced that the company intends to contribute to the growth of blockchain technologies, starting with the launch of energy-efficient crypto mining accelerators later this year. 

He said that the company is aware that blockchains consume a high amount of energy, which is the biggest reason for its focus on “energy-efficient computing technologies at scale.”

Before this, the company announced that it is working on the next generation of Application-Specific Integrated Circuit (ASIC) mining machines called “Bonanza Mine.” 

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The mining ASICs would be offering “1000x better performance per watt than mainstream GPUs for SHA-256 based mining,” Koduri adds.

Intel keeps global chip shortage in mind

The chips are developed on a “tiny piece of silicon,” according to Koduri, so they won’t disrupt Intel’s current product supply.

Notably, Intel CEO Pat Gelsinger previously talked about the global chip shortage, as TheCoinRise reported.

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Intel also announced the formation of a Custom Compute Group within its Accelerated Computing Systems and Graphics unit, aiming to develop custom silicon platforms for blockchain and other computing applications.

Argo Blockchain, Block, and Griid Infrastructure are the first to receive the product

Argo Blockchain (ARGO) has reportedly signed a deal with Intel to buy the mining ASICs. The company recently bought 20k mining rigs from Bitmain to expand its mining capabilities.

Griid Infrastructure has also joined hands with the company to receive the new mining ASICs. Intel promised to sell 25% of its mining ASICs production to Griid until 2025.

Jack Dorsey’s Block (SQ) is also expecting to receive the chip maker’s first mining chips later in 2022, to support its open-source Bitcoin mining hardware, which is aimed to make the network more decentralized.

Intel has not engaged much in the crypto space until announcing its Bitcoin mining hardware, aside from buying a small position in Coinbase stock last year.

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