Intel Developing a Chip for Crypto Mining

American chip company Intel has officially entered the blockchain market segment. This reflects Intel’s intention to introduce the new chip as an energy-saving accelerator dedicated to blockchains. Including cryptocurrency mining activities (crypto-mining) at the end of February 2022.

In an official blog post, Raja M. Koduri, senior vice president of Intel’s Accelerated Computing and Graphics Group; said in an official blog post that this dedicated blockchain chip is Intel’s answer to blockchain requirements; that require massive computing power.

We realized that some blockchains require enormous computing power, which unfortunately generates enormous energy,” said Koduri. “That is why we are focusing our efforts on realizing the full potential of blockchain by developing the most energy-efficient computing technology at scale,” he added.

The same upload showed this special chip for cryptocurrency miners. However, Koduri has not released details about the technical specifications of this power-efficient chip.

The chip performance will be better

Koduri announced that Intel Labs has been conducting decades of research to create strong encryption techniques, hashing methods, and ultra-low voltage circuits. Designed specifically for crypto-mining/blockchain, this new chip will be publicly unveiled exclusively by Intel at the 2022 International Solid-State Circuits Conference (ISSCC) scheduled for February 2024.

We hope that our circuit innovation will deliver a blockchain accelerator that performs over 1000x better per watt than SHA-256-based crypto mining GPUs,” said Koduri.

Koduri said the first customers to use this blockchain-only chip were Argo Blockchain; BLOCK (Jack Dorsey’s fintech company, formerly known as Square); and GRIID Infrastructure.

Our blockchain accelerator chip will be delivered/marketed from the end of 2022,” said Koduri.

Intel Crypto-mining chip
Intel unveils new Bitcoin mining chip and 3,600-watt mining rig (source : Cryptonary).

TomsHardware media share some additional details, regarding the new blockchain chip. In a presentation at the upcoming ISSCC event, TomsHardware mentioned that an energy-efficient Intel chip for blockchain uses an application-specific integrated circuit for Intel’s mining application (ASIC miner) called Bonanza.

The chip has a special architecture designed specifically to speed up SHA256 (cryptographic algorithm); processing for Bitcoin mining at ultra-low voltages. This power-efficient chip offers Intel “1,000x better performance per watt than traditional SHA256-based crypto-mining GPUs.

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