Intel Launches New Chip for Crypto Mining and Making NFTs



Intel on Friday launched a brand new chip for blockchain purposes equivalent to Bitcoin mining and minting NFTs to money in on the rising utilization of cryptocurrencies. The chip will ship later this yr and the primary clients embrace Block, the Jack Dorsey-led agency that just lately modified its title from Sq. to spotlight its rising give attention to the blockchain.

Blockchains function public ledgers that preserve information of transactions on a community of computer systems and have grown in prominence lately. Their rise has additionally triggered a buzz round phrases like “Web3” and “NFTs” that tout the decentralization of applied sciences.

Intel mentioned its chip is an energy-efficient “accelerator” designed to hurry up blockchain duties that require huge quantities of computing energy and thereby devour numerous vitality.

Chip designer Nvidia, whose graphics playing cards are used broadly for mining actions, additionally has a separate chip meant for Ethereum mining.

As part of furthering its footprint within the area, Intel has additionally fashioned a brand new section known as Customized Pc Group inside its Accelerated Computing Methods and Graphics enterprise unit.

As identified in an earlier report by Tom’s {Hardware}, Intel has been engaged on its entry into the Bitcoin marketplace for fairly some time. In 2018, the US Patent and Trademark Workplace awarded the chip large a patent for effectively mining cryptocurrencies that use the SHA-256 algorithm. Intel additionally disclosed a small stake in main cryptocurrency alternate Coinbase in August 2021.

Not like CPUs or GPUs that are geared in direction of a bunch of use-cases, ASIC (application-specific built-in circuit) is a sort of chip designed for a particular sort of job. They do just one job, however they’re imagined to be particularly good at it.

That mentioned, Intel will face stiff competitors from Bitmain and MicroBT, the world’s largest producers of Bitcoin mining {hardware}.

© Thomson Reuters 2021

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