Make money with cryptocurrency apps? Intel launches blockchain-specific ‘mining’ chip

Reuters recently reported that Intel Corp. has unveiled a new chip for blockchain applications, such as bitcoin mining and the creation of NFTs, to make money from the growing number of cryptocurrency applications.

The chip will be available later this year, with the first customers including the Jack Dorsey-led blockchain company, the report said. The company recently changed its name from Squire to highlight its growing emphasis on blockchain technology.

Blockchain, which can serve as a public ledger that keeps records of transactions on a computer network, has gained notoriety in recent years. The development of blockchain has also sparked heated discussions around terms such as “Web 3.0” and NFT. These words all preach the decentralization of technology.

Make money with cryptocurrency apps? Intel launches blockchain-specific 'mining' chip

Intel Corp. calls its chip an energy-efficient “accelerator” designed to speed up blockchain tasks. Blockchain tasks require enormous computing power, which consumes a lot of energy.

Chip design company Nvidia Corp also has a standalone chip for Ethereum mining. Nvidia graphics cards are widely used in cryptocurrency mining activities.

As part of its foray into blockchain, Intel has also created a new division of its custom computing team within its Accelerated Computing Systems and Graphics business unit.

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