Intel Makes Claims Most Efficient Chip for Mining Crypto

Intel Makes Claims Most Efficient Chip for Mining Crypto – Intel Makes Claims Most Efficient Chip for Mining Crypto

Intel plunged into the world of blockchain technology by creating a new chip that is said to be the most efficient for mining crypto.

The technology company is reportedly focused on sustainable development and plans to develop the most energy-efficient computing technology on a large scale.

Intel’s first chip for crypto called a ‘blockchain accelerator’ will go on sale later this year. Two crypto companies have pre-ordered the technology, one of which is Bitcoin mining company GRIID Infrastructures and Block, which is owned by former Twitter CEO Jack Dorsey.

“We hope that our circuit innovation will deliver a blockchain accelerator that has over 1000X better performance per watt than mainstream GPUs for SHA-256-based mining,” said Raja Koduri, Intel’s senior vice president in an announcement.

SHA-256 hashing is an algorithm used to generate Bitcoin and a number of other crypto assets.

Intel further said that further information about this chip will be disclosed at the International Solid-State Circuits Conference (ISCC) starting on February 20.

Reporting from PCMag, Intel is scheduled to make a presentation (PDF) at ISCC on February 23 entitled ‘Mine Bonanza: Ultra-Low-Voltage Energy-Efficient Bitcoin Mining ASIC.’

ASICs or application-specific integrated circuits are chips designed for one specific task, such as crypto mining.

The environmental impact of crypto mining has become a major concern, and Intel’s new chips may be an attempt to address this.

Power-hungry crypto mining rigs often derive their energy from coal-fired and natural gas power plants which are known to be damaging to the environment, and can also lead to high electricity costs and potential blackouts.

US lawmakers have even raised the issue in congress, and debated how to tackle the rising energy consumption associated with crypto mining. Then they even asked Bitcoin companies to reveal how much energy they consume.

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