Intel is increasingly investing in blockchain technology with its latest crypto-focused chip promising a powerful component that is a better fit for the growing demand for blockchain technology.
The chip maker calls the new chip its “blockchain accelerator” and the company has outlined plans to develop “the most energy-efficient computing technologies at scale”.
The new chip seems to have stirred interest among several companies opting for preorders ahead of schedule.
Bitcoin (BTC) mining company GRIID Infrastructures and Block has shown interest in what they believe could be a “game changer” for the way crypto is mined.
Intel SVP Raja Koduri said the chip could potentially achieve 1000x better performance per watt than the existing GPUs for SHA-256-based mining.
Intel has said more detail will have to wait until the International Solid-State Circuits Conference on February 20.
Intel’s sudden breakthrough in the industry is important for several reasons. First, it would mean a better business environment for direct participants in the crypto mining process.
Second, it would mean that businesses could become more resilient and more environmentally friendly.
Eco issues have thrown spanners in the works of most companies which are under increasing pressure to comply with environmental standards. Even crypto-friendly New York has opposed crypto mining in principle, while still fully supporting BTC and other cryptocurrencies.
Some have predicted that the next round of crypto regulation may kill much of the industry, especially if it has to do with the environment.
Kazakhstan and Iran, which were among the earliest proponents of mass crypto mining partly because they sought to circumnavigate sanctions and address domestic economic issues, soon realized that the sheer cost of mining put too much strain on their electrical grids and caused brown outs and electricity shortages. Intel could be looking to change that.