A new high-performance yet low-power ASIC chip for Bitcoin mining is about to be unveiled. Behind it is Intel, which has decided to enter the cryptocurrency mining market with a decisive step.
A strong player with a solid argument
There are many indications that Intel may become a key manufacturer of mining equipment for Bitcoin. The world famous processor manufacturer will be present at the International Solid-State Circuits Conference (ISSCC), where it will present its new mining product. There will be a presentation called “Bonanza Mine: An Ultra-Low-Voltage Energy-Efficient Bitcoin Mining ASIC”.
According to the announcement from Intel, the new processor will allow for extremely low power consumption and remain highly efficient at the same time. As the official statement reads, “Intel has been doing design work around SHA 256-optimized ASICs for several years, starting with track design work in Intel’s labs.”
Intel has been exploring the cryptocurrency market for quite some time
This isn’t the first time Intel has been associated with cryptocurrency mining. The tech giant has already applied for a patent in 2018 for a proprietary processing system based on the SHA-256 data path, an algorithm that secures Bitcoin’s cryptographic network, making the association with the crypto market natural.
Many of Intel’s existing products already work using SHA-256. Although the company is not officially active in the mining area yet, the technology present in the crypto world is close enough for Intel to see it as a solid market player in its category.
What does that change?
It turns out that Bonanza Mine could become a real mining market breakthrough. One of the key criticisms that the Bitcoin network is subjected to is the fact that it consumes high levels of energy, which moreover often comes from non-renewable sources. Intel’s high level of energy efficiency has the power to knock critics out of their main argument.
When this advantage is combined with high chip performance, we can expect a lot of interest from smaller mines. The market may also experience a larger influx of individual miners who will be interested in creating their own small mines or connecting to slightly larger existing ones. This would have a huge impact on further decentralization of the network and of course further increases in Hash Rate.
ISSCC is scheduled to run from February 20 to 26. The event will be virtual in nature. The Bonanza Mine presentation itself is scheduled to take place on February 23.