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Tech giant Intel is planning to release a chip specialized for Bitcoin mining, according to a report from Tomâs Hardware. The new processor is codenamed âBonanza Mineâ and is expected to be presented at ISSCC 2022, an annual conference for the semiconductor industry. However, the materials seen by Tomâs Hardware donât explicitly state whether the chip will be offered for sale to the public.
In a statement for Tomâs Hardware, Intel did not directly confirm the report but did not deny it either:
"Intel has done design work around SHA 256 optimized ASICs for several years beginning with pathfinding work done in Intel Labs. We will share more details in the future."
SHA-256 is the cryptographic hash function used in the mining of Bitcoin and some other cryptocurrencies like Bitcoin Cash and Bitcoin SV.Â
The Bitcoin mining industry is dominated by ASICs (Application-specific integrated circuits). An ASIC is a type of chip thatâs designed to perform a specific task as efficiently as possible. Intelâs rumored Bitcoin Mining ASIC is described as âultra-low-voltageâ and âenergy-efficientâ. The company could gain an edge over other Bitcoin mining ASIC offerings by not having to rely on third-party foundries for their chips, like other Bitcoin mining hardware manufacturers do. According to the Intel website, the company has 15 wafer fabrication facilities worldwide.
Due to the widespread proliferation of ASICs, general-purpose computer hardware like graphics cards and CPUs can no longer be used to mine Bitcoin profitably. However, other cryptocurrencies like Ethereum and Monero can still be mined efficiently even with consumer-grade computer hardware. Â Â
The mining of Bitcoin and other Proof-of-Work cryptocurrencies has become a very controversial topic due to the amount of energy it consumes. According to the Cambridge Bitcoin Electricity Consumption Index (CBECI), Bitcoinâs annual electricity consumption is estimated at 134.8 TWh (terawatt-hours), more than the annual electricity consumptions of countries like Norway and the Ukraine.Â
ESMA (European Securities and Markets Authority) vice chair Erik Thedéen has recently called for a ban on Proof-of-Work mining, citing energy consumption concerns.
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