Intel is investing in blockchain technology with a new processor meant to mine cryptocurrencies. The firm is committed to sustainability and intends to “create the most energy efficient computer solutions at scale.”
Intel’s first crypto-focused processor dubbed a “blockchain accelerator,” will be available later this year. GRIID Infrastructures, a Bitcoin mining startup, and Block, the Jack Dorsey-owned fintech company previously known as Square, have both preordered the technology.
“We expect our circuit innovations to deliver a blockchain accelerator with over 1000x better performance per watt than mainstream GPUs for SHA-256 based mining,” Raja Koduri, Intel’s senior vice president, says in the announcement, referring to the SHA-256 hashing algorithm used to generate Bitcoin and a number of other cryptocurrencies.
More details regarding the chip will be accessible during the International Solid-State Circuits Conference, which begins on February 20th, according to Intel. According to PCMag, the business will give a presentation (PDF) titled “Bonanza Mine: An Ultra-Low-Voltage Energy-Efficient Bitcoin Mining ASIC” on February 23rd at the ISCC. ASICs, or application-specific integrated circuits, are chips that are built to do a single purpose, such as bitcoin mining.
The environmental effect of cryptocurrency mining has grown to be a major worry, and Intel’s new processor might be an effort to remedy this. Mining rigs that need a lot of power are often powered by coal and natural gas facilities, which are bad for the environment and lead to high electricity rates and outages. US lawmakers have even raised the matter in Congress, arguing how to address the increased energy usage linked with cryptocurrency mining and even requesting that Bitcoin firms reveal how much energy they use.