Block Becomes Intel’s First Customer on Bitcoin Mining Chip

Intel ($INTC@US), the world leader in processing technology, recently released more details on its upcoming Bitcoin mining microchip. In a blog post published on February 11th, Intel noted that it is ready to “contribute to the development of blockchain technologies” by looking into energy-efficient accelerators. Intel’s General Management of Accelerated Computing Systems and Graphics Group, Raja Koduri, said that the company plans to promote an open and secure system that will be more sustainable, noting, “our blockchain accelerator will ship later this year. We are engaged directly with customers that share our sustainability goals.” The upcoming Bitcoin mining chip, known as “Bonanza mine” will be an ultra-low voltage product. Koduri also said that Jack Dorsey’s Block Inc ($SQ@US) is one of the first customers along with Argo Blockchain ADR and Grid Infrastructure. Finally, Koduri mentioned the processing power Intel hopes to achieve, saying, “We expect that our circuit innovations will deliver a blockchain accelerator that has over 1000 times better performance per watt.” At press time, Intel stock was trading at $47.58 per share, gaining a little more than a percent in early activity.