Intel Introduces A Novel Blockchain Chip To Capitalize On The Cryptocurrency Surge.

Intel Introduces A Novel Blockchain Chip To Capitalize On The Cryptocurrency Surge.

2022-02-13 | Selina Mathew

Intel Introduces A Novel Blockchain Chip To Capitalize On The Cryptocurrency Surge.

To capitalize on the growing popularity of cryptos, Intel unveiled a novel processor for blockchain applications including Bitcoin mining and minting NFTs on Friday. The chip would be available earlier this year, with Block, the Jack Dorsey-led startup that just altered its identity from Square to emphasize its expanding emphasis on the blockchain, among the inaugural clients.

Blockchains, which function as public ledgers that store activities on a network of computers have risen in popularity in latest years. Their development has also sparked interest in terms like "Web3" and "NFTs," which promote technology decentralization.

According to Intel, this device is an energy-effective "accelerator" meant to accelerate blockchain processes that demand massive quantities of computer power and hence burn a great deal of energy.

Nvidia, a chip vendor whose graphics cards are extensively utilized in mining operations, to offers a special chip designed for Ethereum mining.

Intel has launched a new section inside its Accelerated Computing Systems as well as Graphics business division dubbed Custom Computer Group in order to expand its presence in the industry.

As previously reported by Tom's Hardware, Intel has already been focusing on its entrance into the Bitcoin industry for quite some time. The US Patent as well as Trademark Office granted the chipmaker a patent in 2018 for effectively mining bitcoins using the SHA-256 method. In August 2021, Intel also announced a tiny investment in the popular bitcoin exchange Coinbase.

ASIC (application-specific integrated circuit) is a sort of chip developed for a certain kind of work, as opposed to CPUs or GPUs, which are tailored toward a variety of applications. They just have one task, however, they're considered to be exceptionally good at it.

However, Bitmain and MicroBT, the globe's leading makers of Bitcoin mining hardware, would be tough competitors for Intel.

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