Intel launches blockchain chip to tap crypto boom

[BENGALURU] Intel on Friday (Feb 11) launched a new chip for blockchain applications such as Bitcoin mining and minting non-fungible tokens (NFT) to cash in on the rising usage of cryptocurrencies.

The chip will ship later this year and the first customers include Block, the Jack Dorsey-led firm that recently changed its name from Square to highlight its growing focus on the blockchain.

Blockchains serve as public ledgers that keep records of transactions on a network of computers and have grown in prominence in recent years. Their rise has also triggered a buzz around words like "Web.3" and "NFTs" that tout the decentralisation of technologies.

Intel said is an energy-efficient "accelerator" designed to speed up blockchain tasks that require huge amounts of computing power and thereby consume a lot of energy.

Chip designer Nvidia, whose graphics cards are used widely for mining activities, also has a separate chip meant for Ethereum mining.

As a part of furthering its footprint in the space, Intel has also formed a new segment called Custom Compute Group within its Accelerated Computing Systems and Graphics business unit. REUTERS