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Intel Designs a Customized Chip to Mine Cryptos and Bitcoins

Published Thu, Feb 17 2022 04:36 am
by The Silicon Trend




Blockchain Tech Development

Digital computing plays a significant role in transforming our lives to a level beyond our imagination. We obtain, consume and create content with taps of our fingers. Exponential expansions in computing performance play a vital role in making seamless experiences. Blockchain tech, another fantastic trend of the modern era, can allow users to own much of the e-services they create.

The American multinational Corp and tech company - Intel has revealed its intent in contributing to the development of blockchain with a set of energy-efficient accelerators. The company will engage and encourage a secure ecosystem and help sustainably advance the technology.


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Selling of Customized Chip 

Later in 2022, Intel will start selling its customized chip designed to mine cryptos and bitcoins. Initial customers include 2 mining companies - Argo Blockchain and Grid Infrastructure, and Block payment processor. NFTs and cryptos are exposed to more enormous fraud and theft issues, but Intel intends on addressing another key disadvantage, the massive energy consumption.

One of Intel's top rivals - Nvidia, has profited from crypto mining. Indeed, the miners' thrust for its GPUs has made it difficult for gamers to find the cards, but major crypto mining hardware suppliers such as Bitmain, Goldshell, and MicroBT use processors called ASICs for mining.


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Energy Consumption Problems

The senior VP in charge of Intel's Accelerated Computing Systems and Graphics Group - Raja Koduri, "We are mindful that some blockchains require an enormous amount of computing power, which unfortunately translates to an immense amount of energy." Mr. Koduri also added that their customers are seeking scalable and sustainable solutions, for which Intel is focusing more on developing energy-efficient computing technologies at scale.

An efficiency boost might aid miners to cut costs and minimize power consumption that degrades global climatic issues and deprives others of affordable power. ASIC is designed for a particular purpose, which in the crypto case, miners are not productive once they are superseded by new-flanged prototypes. At present, mining generates e-waste at a rate of 31K tons per year.