Intel Bitcoin Mining Chip Lags Behind the Competition

Previously, Benzinga reported that Intel ($INTC@US) was creating a new Bitcoin mining chip that would be both energy-efficient and more powerful than ever. Block Inc ($SQ@US) and other heavy hitters in the industry were to be “first adopters”, but the chip may not be performing as well as Intel hoped. In a virtual presentation from the IEEE International Solid-State Circuits Conference 2022, Intel said that the ultra-low voltage Bonanza Mine chip uses an application-specific integrated circuit. The first generation chips were supposed to be paired with a 3600-watt miner, but a report from The Block indicates that the hashrate from the BMZ falls behind industry leaders. With the BMZ chip performing at a hasrate of 40 terahashes per second, it has been outdone by MicroBT’s M30S with 112 and Bitmain’s S19 Pro at 110. While the chip is not as fast, it is far more energy-efficient, which could make it a popular choice among mining firms. At press time, Intel stock was down about a half percent in early trading at just over $45 per share.