Chip manufacturing giant Intel is ramping up its product offerings for Bitcoin miners with the launch of a new mining chip ‘Blockscale ASIC.’ Announcing the details Monday, the new mining chips will be available to miners from the third quarter of 2022.
The product, which focuses on “energy-efficient” hashing for proof-of-work networks, has been developed after decades of research and development in related areas, per the press release issued on April 04.
Argo Blockchain, Block Inc, Hive Blockchain Technologies, and GRIID Infrastructure are amongst the first companies to redevelop their set up around the new technology. Intel claims that Blockscale ASIC will offer up to 580 GH/s hash rate operating and up to 26 J/TH power efficiency.
The chips are designed for ASIC-based mining equipment compatible with the SHA-256 hashing algorithm. Intel has claimed to design the product keeping in mind the ‘scalability and sustainability’ needs, given the impact of proof-of-work consensus networks on the environment.
Jose Rios, general manager of Blockchain and Business Solutions in the Accelerated Computing Systems and Graphics Group at Intel, elaborated:
“…we’re proud to collaborate with and provide solutions to companies that are creating a more sustainable cryptocurrency ecosystem globally. The Intel Blockscale ASIC is going to play a major role in helping bitcoin mining companies achieve both sustainability and hash rate scaling objectives in the years ahead.”
The new ASIC follows the reveal of its first-generation Bitcoin mining chip ‘Bonanza Mine’ in February this year. At the time, Hive Blockchain, GRIID Infrastructure, and several other miners signed contracts with the company but did not reveal whether they would receive first- or second-generation ASICs.