News In Brief Crypto World
News In Brief Crypto World

Intel has released a blockchain chip to capitalise on the crypto

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Intel has released a blockchain chip to capitalise on the crypto
14 Feb 2022
5 min read

News Synopsis

To cash in on the growing popularity of cryptocurrencies, Intel Corp announced a new chip for blockchain applications such as Bitcoin mining and minting NFTs on Friday.The chip will be available later this year, with Block Inc, the Jack Dorsey-led company that just changed its name from Square Inc to emphasise its expanding focus on blockchain, among the first customers. Blockchains are public ledgers that store records of transactions on a network of computers, and they've become increasingly popular in recent years. Intel’s device is an energy-efficient "accelerator" meant to speed up blockchain processes that require a lot of computer power and so burn a lot of energy, according to the Intel. Nvidia Corp, a chip designer whose graphics cards are extensively used for mining, also offers a specialised chip for Ethereum mining. Intel has created a new section named Custom Compute Group within its Accelerated Computing Systems and Graphics business unit to expand its footprint in the space.

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