Intel claims to make crypto mining chip 1,000 times faster

Global technology company Intel is investing in blockchain technology with a new chip. The company claims that it is about 1,000 times faster than other chips. The new crypto mining chip will be available later this year, said Raja Koduri, senior vice president of Intel’s Accelerated Computing Systems and Graphics Group. Its initial clients will include American electric power company GRIID Infrastructure, crypto mining firm Argo Blockchain and Jack Dorsey-led Block.

Koduri has a Press release Intel’s new Custom Compute Group will contribute to the development of blockchain technology with a vision of Energy Efficient Accelerators. He explained that crypto mining and blockchains require a large amount of computing power, which consumes a lot of energy. To tackle this problem, the company aims to make energy efficient chips. “Our customers want better solutions and this is why we are trying to develop energy efficient computing technologies on a large scale,” Koduri said.

The new Application Specific Integrated Circuit (ASIC) has been specially designed for crypto mining. The company’s project was earlier leaked with the codename “Bonanza”. Intel has now confirmed that these blockchain accelerators will be introduced later this year. Backed by decades of research on cryptography and hashing technology, the company is confident that these new ultra low-voltage crypto mining chips will be capable of performing 1,000 times better per watt than other crypto mining chips.

Due to the high consumption of electricity in crypto mining, some countries like China have banned bitcoin mining. In the US too, there is a protest against the increase in the consumption of electricity from crypto mining. Iran has also recently banned crypto mining activities for three months due to high consumption of electricity. Iran authorities crack down on illegal bitcoin mining centers Control which uses more than 600 MW of electricity. If this Intel chip is able to solve this problem, then it can accelerate crypto mining.<!–

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