Intel Set to Release New Blockchain-centered Chip Later This Year

On Friday, Intel announced that it will be launching a new chip specifically designed for blockchain applications such as cryptocurrency mining and NFT minting. While there have been rising concerns surrounding the environmental impacts of emerging technologies, the company has affirmed that it will be setting its eyes on sustainability as it hopes to push for “developing the most energy-efficient computing technologies at scale.”

Many have been alarmed at the energy and electricity consumed by typical crypto mining rigs, which usually harness power from coal and natural gas plants. The increasing awareness around the harm this particular space has on the environment has likewise been brought up by US legislators in Congress. Lawmakers have tackled the idea of rising electricity costs and others have suggested that Bitcoin companies be asked to disclose their energy consumption with regards to crypto mining.

This new chip, which is set to be shipped out later in the year, has been dubbed as a “blockchain accelerator” which will significantly supply the computing power necessary to carry out tasks on the blockchain. GRIID Infrastructures, a bitcoin mining company, and tech entrepreneur Jack Dorsey’s Block are the first firms to preorder the crypto-centered chip.

“We expect that our circuit innovations will deliver a blockchain accelerator that has over 1000x better performance per watt than mainstream GPUs for SHA-256 based mining,” explained Intel senior vice president Raja Koduri. More information about the chip will be presented during the upcoming International Solid-State Circuits Conference beginning on February 20. Intel remains keen on expanding its reach within the blockchain space, especially as it formed its new Custom Compute Group under the Accelerated Computing Systems and Graphics business unit.

Sources: Reuters, The Verge