Tech giant and microprocessor manufacturer Intel is releasing a new bitcoin and NFT mining chip. This is a strategic move by the company to capitalize on the rise of cryptocurrencies and the NFT boom. The new product focuses on efficiency, ease of use and sustainability.
About the Intel Blockchain Chip for NFT
According to Intel, the new blockchain chip is 1,000 times faster than most conventional graphics processing units (GPUs). It is an energy-efficient “accelerator” that speeds up the execution of blockchain tasks that require huge computing power and consume a lot of energy. In essence, it will make bitcoin mining easy and inexpensive. It can also reduce the significant carbon footprint of blockchain mining.
Chip shipments will begin later in 2022. Already, Intel has secured its first customers: GRIID Infrastructure and the recently rebranded Block Inc. (formerly Square Inc.). Jack Dorsey changed the name of the company to signify its turn towards blockchain technology.
In the tech space, it was expected that Intel would release a blockchain product. Its rival NVIDIA Corp. is doubling down on its efforts to capture opportunities in the blockchain space. It has already released a dedicated chip to support Ethereum-based mining, not to mention other widely used mining chips.
Intel is set for the long term as it has already made organizational changes for its blockchain products. It formed a new segment called the Custom Compute Group within its Accelerated Computing Systems and Graphics division. In addition, the company acquired the Israeli company Tower Semiconductor. The $5.4 billion deal will address shortages and put the company at the forefront of custom chip manufacturing.
We can look forward to new blockchain-related products from Intel. In a blog post, the company stated that it will “focus its efforts on realizing the full potential of blockchain by developing the most energy-efficient computing technologies at scale.”