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Home Cryptocurrency

Intel To Release Its First Blockchain-Based Chip Later This Year

First few backers of the new technology include Jack Dorsey's fintech company Block.

by Heirul Kamel
February 14, 2022
Intel Blockchain Accelerator Chip Crytocurrency Mining

Image: Intel

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Intel has announced that it is developing its first ever blockchain-based chip for cryptocurrency mining. The product, which the tech giant refers to as a “blockchain accelerator”, is designed with sustainability and energy efficiency in mind.

“Intel Labs has dedicated decades of research into reliable cryptography, hashing techniques and ultra-low voltage circuits,” wrote Intel senior vice president Raja Koduri in the announcement. “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.”

For the uninitiated, SHA-256 is a hashing algorithm that is used to generate Bitcoin and other specific cryptocurrencies. As most of us are aware by now, GPU-based mining leaves a significant impact on the environment on a global scale due to high energy consumption, which has led to high electricity costs and even power shortages.

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Intel chip hardware
Intel senior vice president Raja Koduri. (Image: Intel)

As mentioned earlier, Intel’s upcoming crypto-dedicated chip aims to hopefully remedy this issue. For now, not much is known about the technology, but the company promises to reveal more information on its so-called blockchain accelerator during the International Solid-State Circuits Conference on 20 February 2022.

While it isn’t available just yet, Koduri revealed that Bitcoin mining company GRIID and Jack Dorsey-owned fintech company Block (formerly known as Square) have already pre-ordered the hardware. On that note, he added that the blockchain-based chip is slated to ship out later this year.

(Source: Intel [Official website])

Tags: acceleratorBlockchainchipcryptocurrencyHardwareintelmining
Updated 2:40 pm, Mon, 14 February 22
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