Intel intends to enter the Bitcoin mining market with a new processor dubbed the “Bonanza Chip.” Intel intends to present its intentions for releasing the new chip at this year’s ISSCC conference. Given the heightened concerns about mining, Intel’s announcement of a new chip comes at an opportune time. Because of environmental issues, cryptocurrency mining has become a popular topic of discussion.
The new chip in question is described as an “ultra-low-voltage energy-efficient bitcoin-mining ASIC.” With this new development, Intel joins the ranks of competitors such as Bitmain and MicroBT. Bitmain is a manufacturer of specialized ASICs used in Bitcoin mining. Intel’s new processor will enable reduced power consumption while maintaining mining efficiencies. Raja Koduri previously floated the rumor that Intel will manufacture the next generation of Bitcoin mining ASICs.
Raja Koduri, Senior Vice President and General Manager of Intel Systems and Graphics, previously announced plans to develop specialized processors for the blockchain and cryptocurrency industries. Last December, this was said during a live feed on Dr. Lupo’s YouTube channel.
It’s unclear whether Intel intends to release Bonanza Mine as a finished product or showcase it as a research project. Koduri had discussed investigating specialized hardware in the aforementioned live stream, so it may be believed that Intel will continue with the research effort.
According to Vikram Suresh, an Intel labs research scientist, Intel is working on a “high-performance and energy-efficient micro-architecture and circuit design for data encryption and authentication, design of cryptographic primitives for random number and key generation, blockchain technologies, and high-performance data compression.”
According to Tom’s Hardware, “Intel has done design work around SHA 256 optimized ASICs for numerous years, beginning with pathfinding work done in Intel Labs.” We will provide additional information in the future.”
In the midst of ever-increasing limitations on Bitcoin mining, the most notable of which is China’s ban, as well as Kosovo’s ongoing energy problem, Intel’s power move could reduce excessive power consumption.
If Intel does develop its crypto-mining chip, it will face direct competition from Bitmain, as previously stated. Bitmain is well-known for providing specialized silicon hardware for cryptocurrency mining, and Ice Lake CPUs support Intel’s SHA-256 Extensions. It goes without saying that Intel has a reputation for silicon optimization. This puts Bitmain in a competitive position since it must provide a USP that Intel does not provide for crypto mining.
Intel also claimed in December that it does not want to employ common GPUs and CPUs and instead wants to attract a slew of software developers by focusing on installing a foundation of its ARC GPUs.
The ISSCC (International Solid-State Circuits Conference) is scheduled to take place online from February 20 to February 24. Intel’s presentation and subsequent discussion are scheduled for February 23, at which time we may learn more about the specifics of this processor. Intel has yet to reveal any details on the hash rate and expected power of the ASIC, as well as if the ASIC can be tailored exclusively for Bitcoin mining.
