Intel’s Sustainability-focused Crypto Chip is Set to Revamp Bitcoin Mining

The crypto chip from Intel will not only shake up the crypto market but also the surrounding environment.

Intel made a statement in November 2020 that all information will be encrypted in the future. Intel announced plans to launch a Blockchain Accelerator on February 11, 2022. The Intel chip, which is crypto-focused, will ship later in the year.

Bitcoin mining Advocacy and Opposition

Bitcoin is still one of the most popular cryptocurrencies in the world.bitcoin mining began with desktop computers. This is extremely harmful to the environment in countries where electricity is generated from fossil fuels. High electricity prices have caused miners to shift operations to countries that produce electricity using fossil fuels.

In an interview, Pat Gelsinger, CEO of Intel stated that bitcoin is a climate problem and that ‘a single ledger in Bitcoin consumes enough energy for your house to power it for almost a whole day.

Jack Dorsey, Twitter’s co-founder, has always supported bitcoin. He had invested heavily in the cryptocurrency since 2017. He answered a question from Cardi B in December 2021 and said that bitcoin would eventually replace the dollar.

Elon Musk , Tesla CEO, announced in March 2021 that the company would accept Bitcoin payments for electric vehicles. He later pulled the offer, as bitcoin mining is bad for the environment. If companies can find sustainable ways to pay for bitcoin mining costs, he promised to reconsider his position.

Due to high energy costs, US lawmakers have been stifling support for bitcoin. Although they have begun to introduce legislative proposals, Congress is still wary about supporting crypto.

Intel’s Sustainability and Crypto Plans

Intel has been continuously improving cryptographic performance.

Raja M. Koduri (senior vice president for accelerated computing systems, graphics group, Intel), stated that this product was created by the tech giant because customers were demanding energy-efficient technology. He stated that the company would continue to optimize the potential of blockchain in the future.

Koduri stated that the new product will be built on a small piece of silicone to ensure that there is no impact on the current supply. The ‘blockchain accelerator has over 1000x higher performance per watt that mainstream GPUs for SHA256-based mining.

Further information on the crypto and other upcoming products can be found at the International Solid-State Circuits Conference, which will take place between February 20-24.

He explained that blockchains are extremely energy-intensive and can be detrimental to the environment. Intel will therefore work towards developing and enhancing sustainable technologies. Intel has created a new Custom Compute Group within its Accelerated Computing Systems and Graphics unit to make this possible. This team will focus on building “silicone platforms optimized to customers’ workloads,” including blockchain and other custom accelerated SUPERCOMPUTING opportunities at the edge.

GRIID Infrastructures is a bitcoin mining startup, Argo Blockchain is a London-based cryptocurrency mining firm, and BLOCK was founded by Jack Dorsey, Twitter’s former CEO.

Intel’s venture into cryptocurrency could also have a major impact on its stock prices. Due to the high environmental costs, investors and future bitcoin miners have been cautious about investing in cryptocurrency. The solution could lie in Intel’s chip. The popularity of the Intel chip could help to boost revenues for the chip-maker, which has been struggling due to problems in the global supply chain.

The world’s largest chip manufacturer has once again reiterated its commitment towards sustainability and plans for continued development of technologies that meet computing, environmental and social goals.