Lagatar24 Desk
Mumbai, Feb 12: Intel has released a new processor for blockchain applications such as Bitcoin mining and minting NFTs to capitalise on the growing popularity of cryptocurrencies.
The chip will be available later this year and ‘Block’ will be among the first clients. Block is the Jack Dorsey-led company that just changed its name from Square to emphasise its expanding focus on blockchain.
Blockchains, which are distributed ledgers that keep track of transactions on a network of computers, have gained popularity in recent years. Their development has also sparked interest in terms like “Web3” and “NFTs,” which promote technology decentralisation.
Intel’s device is an energy-efficient “accelerator” meant to speed up blockchain processes that require a lot of computer power and so burn a lot of energy, according to the company.
Nvidia, a chip provider whose graphics cards are extensively used for mining, also offers a specialised chip for Ethereum mining.
Intel has created a new section named Custom Computer Group within its Accelerated Computing Systems and Graphics business unit to expand its footprint in the industry.
Intel has been working on its entry into the Bitcoin industry for quite some time, as Tom’s Hardware previously reported. The US Patent and Trademark Office granted the chipmaker a patent in 2018 for mining cryptocurrency efficiently using the SHA-256 algorithm. In August 2021, Intel also revealed a modest interest in Coinbase, a large bitcoin exchange.
