Intel Introduces Blockchain Chip for More Efficient Cryptocurrency Mining

Intel introduces a chip designed to facilitate the mining of cryptocurrencies, a highly efficient blockchain accelerator.

Currently, many cryptocurrencies are mined using the capabilities of graphics cards (GPU). This is why it is so hard to find GPUs in the market because crypto miners always need more of them. And it is also a very inefficient method since mining consumes a lot of energy and only those who can increase their operations can really benefit from it. A chip could make things easier.

Intel Unveils Chip Conceived and Designed to Make Cryptocurrency Mining Easier

To further reduce the amount of energy required to mine cryptocurrency, Intel has just introduced a blockchain chip, a chip the company has dubbed a “blockchain accelerator.” So far, we know very little about this chip, except that, according to Intel Vice President Raja Koduri, it will be a much more powerful component.

Very Efficient Blockchain Accelerator

According to Raja Koduri, “We know that some blockchains require huge computing power, which unfortunately results in a huge amount of energy. Our clients look to us for scalable and sustainable solutions. It is for this reason that we have focused our efforts on realizing the full potential of blockchain by developing highly efficient and scalable computing technologies.”

And the VP added, “We expect our circuit innovations to create a blockchain accelerator that delivers over 1,000 times the performance per watt of conventional SHA-256 mining GPUs.” Intel is said to already have two big customers by now: a company called GRIID and Block, formerly known as Square, which is owned by former Twitter CEO Jack Dorsey.