Intel will enter the cryptocurrency space with a blockchain accelerator due later this year

On Friday, Raja M. Koduri, senior vice president of Intel’s Graphics and Accelerated Computing Systems Group, stated his intention to contribute to the development of blockchain technologies. This begins with the introduction of energy-efficient cryptocurrency mining accelerators that will hit the market this year. Earlier this month, Intel announced it would showcase the next generation of application-specific IC mining machines at the upcoming International Solid-State Circuits Conference later this month.

The company would also establish a new International Conference on Solid State Circuits within the Koduri Division. It would take on the task of building custom silicon platforms to optimize blockchain mining performance and supercomputer design alike.

Additionally, the company believes its circuit innovations will deliver a blockchain accelerator that has more than 1,000 times better performance per watt, or energy consumption per unit time, than traditional GPUs used to mine blockchain networks using SHA-256 blockchain -Encryption. About the development, Intel said:

“Argo Blockchain, BLOCK (formerly known as Square) and GRIID Infrastructure are some of our initial customers for this upcoming product. This architecture will be implemented on a small piece of silicon to minimally impact current product deployment.”

Intel will enter the cryptocurrency space with a blockchain accelerator due later this year
Intel will enter the cryptocurrency space with a blockchain accelerator due later this year

Intel has had an oddly low-key relationship with the cryptocurrency space over the years. While the Bitcoin network has traditionally been difficult to mine, it has come to the point where ASICs are required instead of GPUs to have any chance of viability. When it comes to Ethereum mining, NVIDIA and AMD are currently dominating the sphere as their GPUs are sold en masse to local miners. Prior to unveiling its bitcoin mining hardware, Intel didn’t do much in the cryptocurrency space aside from taking a small stake in Coinbase stock last year.

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