The Blockchain and cryptocurrency industry is absolutely booming in the contemporary world. Taking advantage of this, Intel has announced their Blockchain chipset. It does exactly what it sounds like. This is a blockchain-based chipset which will allow users to speed up their blockchain-based activities.
One of the first customers of the new Intel blockchain chipset is Square-turned Block, led by Jack Dorsey. Block has been primarily focusing on blockchain as of late and this collaboration screams that. From the looks of it, this is a great attempt by Intel to cash in on the cryptocurrency, NFT minting and Bitcoin mining trend.
Intel Blockchain Chipset: What Exactly is it?
Before trying to understand what exactly the blockchain chipset does, you will need to know how blockchain works. To put it simply, blockchains are basically public ledgers where your transactions get recorded across a network of computers. This system is the very foundation of what we call NFTs and the framework of Web3 crypto. Blockchain decentralises transactions and this gives users more freedom.
According to Intel, its new blockchain chipset is an energy-efficient accelerator. In other words, this chipset will act as a catalyst to further boost blockchain-based tasks which require a lot of computing power. This in turn consumes loads of energy which will be stabilised by this chipset and make the entire process seamless.
Intel offering a completely specialised chipset for bitcoin mining makes sense as even Nvidia has a different chip for Ethereum mining. This is THE trend now and Intel definitely had to hop in on this one.
In addition, Intel has also formed a new Custom Computer Group within its Accelerated Computing Systems and Graphics business unit. This will further deepen its roots in the blockchain sphere.
According to a report by Tom’s Hardware last month, this chipset was in the making for quite some time. This dates way back to 2018 when Intel was awarded a patent by the US Patent and Trademark Office for mining cryptocurrencies via the SHA-256 algorithm.
Last year in August we also got to know from Intel itself that they had a small stake in leading Coinbase, a popular cyrptocurrency exchange platform. Intel seems to have definitely prepared for their blockchain chipset.
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