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Intel Is Diving Into Bitcoin Mining Chips

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Intel, famous for its processors, has announced that it is working on ASIC equipment used to mine Bitcoin by the name of Bonanza Mine.

Tom Hardware reported Intel to unveil Bitcoin-mining ‘Bonanza Mine’ chip at the upcoming Conference.

With Bitcoin mining becoming more and more professional, it’s no wonder that a company the size of Intel would be interested in snapping up some mining market share.

Intel’s announcement regarding Bonanza Mine is expected in a circuit industry-focused ISSCC conference in February, the chip is described as an “ultra-low voltage energy-efficient Bitcoin mining ASIC.” At the same time, it’s unclear whether the company will be marketing this product or just using it for testing purposes.

Tom Hardware writes:

“This year, Intel has a presentation scheduled in the ‘Highlighted Chip Releases’ category to outline a new “Bonanza Mine” processor, a new chip described as an “ultra-low-voltage energy-efficient Bitcoin mining ASIC.

Given the timing of the ISSCC presentation, and the subject matter, it appears that Intel will share that information about the new hardware on Wednesday, February 23rd, at 7 am PST. The ‘DS1’ moniker in the presentation listing denotes that Intel will have a video demo of the chip.

For now, it isn’t clear if Intel will release the Bonanza Mine chip as a product for the public or if it remains confined to a research project. However, given that the chip is in the “highlighted Chip Releases: Digital/ML” track and Koduri’s comments, it’s logical to expect that these chips will be offered to customers in the near future.”

Another company that is also breaking into crypto mining is Block (formerly Square), owned by Jack Dorsey, the founder of Twitter. As a result, we can expect the sector to become less and less dependent on a few companies and encourage competition between mining firms.

The company said in October 2021 that Intel graphics cards would not limit cryptocurrency mining. Companies like NVIDIA adopted low hash rate practices.

With that, it is evident that the chip giant is looking to expand its business and take advantage of the cryptocurrency sector that uses the Proof-of-Work (PoW) algorithm to mine.

Finally, this competition will be great for everyone, making all companies seek to deliver products that are more efficient concerning the energy consumed and at a lower price and in a more accessible way to the everyday user.

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The content is for informational purposes only and may include the author’s personal opinion, and does not necessarily reflect the opinion of TheCryptoBasic. All Financial investments, including crypto, carry significant risk, so always do your complete research before investing. Never invest money you cannot afford to lose; the author or the publication does not hold any responsibility for your financial loss or gains.

Albert Brown
Albert Brown is a cryptocurrency investor and journalist who has been in the nascent space since 2017. His love and passion for technological innovations made him delve deeper into the world of blockchain and cryptocurrencies. As a journalist, Brown has written on several crypto-related topics that have been referenced by popular industry players like Tyler Winklevoss, Binance CZ, etc.


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