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Intel announces plans to venture into blockchain technology

Intel Chipset
Intel Chipset

Intel will be moving into the blockchain sector, as announced by the company’s senior vice president, Raja M. Koduri. In a statement shared on Friday, Koduri stated that Intel was focusing on developing blockchain technologies.

Intel focusing on blockchain

Koduri stated that some of the areas Intel would be focusing on include the development of energy-efficient crypto mining accelerators. These accelerators would be released within the year, bringing the company closer to adopting the innovative technology.

Before this announcement, Intel stated that it would launch the next generation of Application-Specific Integrated Circuit mining machines. This launch was to be conducted during the upcoming International Solid-State Circuits Conference towards the end of the month.

Intel further announced that it would create a new International Soli-State Circuits Conference. This one would be launched within the Koduri division. Additionally, it would be used to create custom silicon platforms that will be used to optimize the blockchain mining performance and develop supercomputers through new designs.

Intel is developing a blockchain accelerator

The firm has also stated that it is optimistic about the potential of its blockchain accelerators. According to the company, its circuit innovations would be used to develop a blockchain accelerator that will have a performance per watt that will be 1000 times better. It will use more energy per units time, which is better compared to the mainstream GPUs used to mine on blockchain networks.

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Intel commented on this development, saying, “Argo blockchain, BLOCK (formerly known as Square), and GRIID Infrastructure are among our first customers for this upcoming product. This architecture is implemented on a tiny piece of silicon to have minimal impact on the supply of current products.”

Intel has not been a big investor in the cryptocurrency sector. The company has stayed away from the cryptocurrency sector for years, lagging it behind other tech giants that have heavily invested in the sector. The only major investment made by Intel in the blockchain space is the purchase of a small stake in Coinbase. Coinbase is a cryptocurrency exchange platform that went public last year.

The new product launched by Intel could be a major addition to the blockchain sector, given that the level of Bitcoin mining difficulty has reached peak levels, such that miners are now using ASICs compared to GPUs to boost their profits. In the case of Ethereum mining, miners prefer NVIDIA and AMD.

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