Intel Unveils Chip to Mine Cryptos at 1,000x Quicker than Graphics Cards
Computer users who are unable to get graphics cards can become optimistic as Intel has introduced the world’s initial blockchain accelerator IC (integrated chip). Notwithstanding the steep decline in their prices in the last few weeks, the cryptos are becoming more homogenized.
However, for realizing widespread adoption, they must address two issues: the stockpiling of graphics cards, which keeps players and computer users frequently in search of cards, and the power consumption associated with mining process and the blockchain networks.
Intel may well have discovered a fix with a blockchain accelerator processor scheduled to be delivered in the final quarter of 2022. The chip is claimed to have a performance 1000 times greater than usual gaming focused graphics cards now employed for this activity. Cold storage hardware storage (wallet) for dozens of cryptocurrencies including Bitcoin, Ethereum, ERC20, and several more.
The term “cryptocurrency” is never used in the news release announcing the new microprocessor, but rather a “blockchain accelerator.” It is precisely that: an integrated chip that enables the mining of cryptos and the optimization of blockchain-based buy and sell transactions.
Intel guarantees that a standalone chip, which is not difficult to fabricate and has no repercussions on the company’s supply chain, will pave way for a thousand times the output of the graphics cards they are currently using to establish farms relying on the cryptographic operations SHA-256 utilized by the majority of cryptocurrencies.
If Intel is successful in bringing a processor with the aforesaid features to market, bitcoin miners will avoid competing for gaming graphics cards, relieving them up for other purposes. Other significant benefit of this advertisement is the lowering of power bills.
Mining cryptocurrency demands 24 hour operation of extremely powerful graphics processors. Additionally, bitcoin and NFT investing activities involve data processing between hundreds of systems on the blockchain network, which consumes a lot of power.
Cryptocurrencies have been using more energy than Argentina, Norway, and Chile combined. As per Ubisoft, a single Bitcoin trade is comparable as watching a million hours of video content. And each day, hundreds of transactions occur.
Intel has not specified the decrease in graphics card usage that will be caused by the blockchain technology centered accelerator chip would accomplish, but it will be critical:
“We are cognizant that many blockchains demand a tremendous quantity of computer resources, which regrettably equates into a large quantity of energy,” adds Raja M. Koduri, the project’s lead.
“Because our clients expect scalable and eco-friendly solutions, we’re concentrating our energies on maximizing the benefits of blockchain by scaling far more power efficient computing technology.”
Intel revealed that the initial clients for these integrated chips would be Argo Blockchain, which was created by Twitter’s inventor, and GRIID.All of those firms are related to cryptocurrency sector.