Intel made a statement on Friday. Later this year, it stated that it will start selling customized chips for mining Bitcoin and other cryptocurrencies. Initial customers included payment processor Block and two mining companies Blockchain and Griid Infastructure.
This was hailed as a big bet for the company on technology that could change finances and change the way it can hold digital assets with an idea called NFTs. Cryptocurrencies and NFTs have faced fraud and theft issues. Intel hopes to address a downside and high energy consumption here as well.
Intel wants to stand up to Nvidia with this move
Mining with cryptocurrencies goes through a computational taxation process that records transactions in a database called Blockchain. The first person to solve the complex computer problem receives the prize with the newly minted cryptocurrency. This requires a resistance to the most powerful machines and electrical energy costs.
Nvidia, one of Intel’s biggest competitors, has gained quite a bit from cryptocurrency mining. Miners’ appetite for GPUs has made it difficult for gamers to find graphics cards. However, major suppliers of cryptocurrency mining hardware such as Goldshell, MicroBT, and Bitmain are using customized application-specific integrated circuits for mining.
Cambridge University Bitcoin Electricity Consumption Index made a prediction. At this point, he explained that cryptocurrency mining uses massive amounts of power, 125 terawatt-hours per year. This corresponds to the 2020 electricity consumption of Norway with a population of 5.5 million, according to the EIA.
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