The world’s largest microchip manufacturer Intel Corporation (NASDAQ:INTC) plans to unveil an energy-efficient Bitcoin (CRYPTO: BTC) mining chip.
What Happened: Intel intends to enter the Bitcoin-mining hardware business with its new “Bonanza Mine” processor, according to a report from Tom’s Hardware.
The company is expected to unveil more details about the chip with a presentation at the ISCC conference this year.
Intel included the Bonanza Mine Bitcoin mining chip in its list of ‘Highlighted Chip Releases’ and described it as an “ultra-low-voltage energy-efficient” Bitcoin mining ASIC.
Intel is planning a presentation in the February 23 to outline “Bonanza Mine: An Ultra-Low-Voltage Energy-Efficient Bitcoin Mining ASIC” . Intel says it has been designing around SHA 256-optimized ASICs for years. https://t.co/AXDysSvk88 pic.twitter.com/OT1LWJEzag
— Wu Blockchain (@WuBlockchain) January 18, 2022
“Intel has done design work around SHA 256 optimized ASICs for several years, beginning with pathfinding work done in Intel Labs. We will share more details in the future,” an Intel spokesperson told Tom’s Hardware.
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Why It Matters: The massive demand for Bitcoin mining hardware and the shortage of microchips worldwide has led numerous companies to see an opportunity in ASIC (application-specific integrated circuits) manufacturing.
Earlier this month, Jack Dorsey’s Block Inc (NASDAQ:SQ) revealed it was looking into building its own Bitcoin mining microchip.
“Bitcoin mining should be as easy as plugging a rig into a power source,” Dorsey said on the subject.
Price Action: Intel shares closed 1.69% lower at $54.76 on Tuesday. Meanwhile, the market-leading cryptocurrency Bitcoin was up 1.24% in the last 24 hours, trading at $42,149.32.