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Intel Intends to Reveal a New Bitcoin Mining Chip

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Bitcoin Mining Rig - How Does Bitcoin Work 2

Intel is planning to reveal a new Bitcoin mining chip during this year’s ISSCC conference, calling it a “Bonanza Mine” processor. The company has not yet posted an official announcement, but the organization has a presentation scheduled under the “Highlighted Chip Releases” category.

A recent report by Tom’s Hardware says that the chip is an ultra-low-voltage, energy-efficient Bitcoin mining ASIC (Application-Specific Integrated Circuit). ASICs have been used for mining Bitcoin for years now, ever since the coin’s mining scene became too competitive for regular CPUs and GPUs.

Intel has entered this industry back in 2018 when it filed a patent for energy-efficient high-performance Bitcoin mining. In the following years, the company started getting more involved with the cryptocurrency industry, albeit hesitantly. Last August, Intel even took a small stake in Coinbase.

The company’s GPU Chief, Raja Koduri, also revealed that Intel is developing specialized mining hardware for Bitcoin that will be significantly more efficient when performing blockchain validation. Koduri noted that the cost of validation and energy consumption will be significantly reduced. He also said that the company might be able to share some interesting hardware for that, “hopefully not too far into the future.”

Intel might see new competition

Intel is the world’s second-largest manufacturer of semiconductor chips, and its new product could help the company become highly competitive in the Bitcoin mining sphere. Intel also has its own silicon production capabilities, so it is rather well-equipped to take the lead. Presently, there are only a few sellers of Silicon, with Bitmain being the main source.

It is currently still unknown whether Intel’s new chip is ready to be sold to the public, or if it will remain a research project. In both cases, the company will display its new technology during the upcoming conference, which might help drive new buyers towards it.

However, it is worth noting that Intel is not the only one trying to invent something new in this sector. Jack Dorsey, the former CEO of Twitter and the acting CEO of Block, recently revealed that his company is building a new mining system for Bitcoin. The new system’s purpose is to decentralize Bitcoin mining, which is currently not suited for at-home use. Dorsey wishes to once again make Bitcoin mining accessible to anyone, rather than just the major mining pools.

To learn more about this token visit our Investing in Bitcoin guide.

Ali is a freelance writer covering the cryptocurrency markets and the blockchain industry. He has 8 years of experience writing about cryptocurrencies, technology, and trading. His work can be found in various high-profile investment sites including CCN, Capital.com, Bitcoinist, and NewsBTC.

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