Tech giant and renowned processor manufacturer, Intel, are launching a new chip hardware. In an effort to tap into the blockchain technology and crypto boom, the chip’s design is focused on making the mining process of cryptocurrencies, most predominantly Bitcoin more effortless, as well as the minting of NFTs.
With its official unveiling in an announcement by the company on 11th February, the chip is planned to be shipped later this year, with Jack Dorsey’s blockchain-focused company Block Inc (previously Square Inc) set to be one of the chip’s first consumers.
In regards to the utility of the chip, Intel claims it to be an energy-efficient, ‘accelerator’ chip with extremely fast processing, which is designed to speed up blockchain tasks that require huge amounts of computing power and energy. Whilst cutting down the prices of mining prices of BTC, the chip will also not require a sophisticated cooling system, further putting it in place to become the leading chip for mining crypto and undertaking blockchain activity.
Despite such relatively unique utilities, the actual concept of the chip is something we’ve already seen, most predominantly being through the services of chip designer Nvidia, whose graphics cards are already widely used in mining activities, whilst a separate chip of theirs is predominantly focused on mining Ethereum.
To further the company’s footprint in the NFT and crypto space, Intel have also formed a new segment called the Custom Compute Group within its Accelerated Computing Systems and Graphics business units.
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