Intel on Friday launched another chip for blockchain applications, for example, Bitcoin mining and minting NFTs to cash in on the rising usage of cryptocurrency. The chip will ship this year and the first clients include Block, the Jack Dorsey-led firm that recently changed its name from Square to highlight its growing focus on the blockchain.
Blockchains serve as public ledgers that keep records of transactions on a network of PCs and have grown in prominence in recent years. Their rise has also triggered a buzz around words like “Web3” and “NFTs” that tout the decentralization of technologies.
Intel said its chip is an energy-efficient “accelerator” intended to speed up blockchain tasks that require a tremendous amount of computing power and thereby consume a lot of energy.
Chip planner Nvidia, whose designs cards are used widely for mining activities, additionally has a different chip meant for Ethereum mining.
As a part of furthering its footprint in the space, Intel has additionally framed another segment called Custom Computer Group with its Accelerated Computing Systems and Graphics business unit.