Intel new crypto mining chip ‘1000 times’ better than alternatives
Intel Corp has launched a new chip for blockchain applications such as Bitcoin mining and minting NFTs to cash in on the crypto boom.
The chip will ship later this year with first customers including Block, the Jack Dorsey-led firm formerly called Square, and London-listed crypto mining company Argo Blockchain.
In an announcement on Friday, Intel said it hopes to contribute to the development of blockchain technologies by producing energy-efficient accelerators which reportedly have “1000x better performance per watt” than existing alternatives.
“Blockchain is a technology that has the potential to enable everyone to own much of the digital content and services they create,” said Intel in a statement.
“We are mindful that some blockchains require an enormous amount of computing power, which unfortunately translates to an immense amount of energy,” the statement continued, noting that customer demand for “scalable and sustainable solutions,” is driving the company’s push into creating computing technologies at scale.
Global Bitcoin mining uses approximately 125.13 terawatt hours of electricity per year, more than entire countries use individually such as Norway and Ukraine. The environmental impact of crypto is a major sticking point for regulators with the vice chair of Europe’s markets authority encouraging an all out ban on proof-of-work mining, an energy intensive method for mining used by the Bitcoin and Ethereum networks.
Chip designer Nvidia, whose graphics cards are used for mining activities, has developed a separate chip for Ethereum mining. Intel said the newly developed chip will help to “usher in the era of the metaverse and Web 3.0.”
Read more: Crypto mining under fire as EU regulator sounds alarm