The Intel Corp. has launched on Friday an innovative chip designed specifically designed for blockchain-related applications, such as Bitcoin mining and creating NFTs in order to cash in on the increasing use of cryptocurrency.
The chip will be released in the coming months and the first customers will be Block Inc, the Jack Dorsey-led company that just changed its brand name to Square Inc to highlight its increasing focus on blockchain technology.
Blockchains function as public ledgers which keep track of transactions made on a system of computers. They have also increased in popularity in recent times. The rise of blockchains has also created the buzzwords “Web.3” as well as “NFTs” which refer to the decentralization of technology.
Intel claims it has a highly efficient “accelerator” created to speed up blockchain-related tasks that require large quantities of computational power. These tasks use a lot of energy.
Chipmaker Nvidia Corp, whose graphics cards are extensively used in mining operations, also offers an additional chip designed to be used for Ethereum mining. In order to expand its position in the market, Intel has also formed a new division named Custom Compute Group within its Accelerated Computing Systems and Graphics business division.