Intel releases cryptocurrency mining blockchain chip
Intel's new chip is specialized for Bitcoin mining with the ability to save more electricity than curren
Unlike CPUs or GPUs that are used for a variety of tasks, Intel's ASIC chips are designed for a specific type of task, speeding up execution of blockchain tasks while still saving power.
With the launch of its blockchain chip, Intel will face competition from Bitmain and MicroBT, the world's largest manufacturers of Bitcoin mining hardware. The company's new move is also said to go against Nvidia, the company that specializes in graphics chips most used in Bitcoin mining. Nvidia has also developed its own line of chips for Ethereum mining.
Intel started researching and entering the cryptocurrency market in 2018, has a patent for efficient mining of cryptocurrencies with the use of the SHA-256 algorithm. In addition, the company also has a stake in the largest cryptocurrency exchange today, Coinbase.
Currently, blockchain acts as a ledger that stores transaction records on the network and is growing. At the same time, technologies like NFT or Web3 have also begun to emerge in the past nearly a year.