Intel Soon To Launch Chips For Blockchain Applications, Jack Dorsey Company Already Ordered

JAKARTA - Intel Corp on Friday, February 11 unveiled new chips for blockchain applications, such as Bitcoin mining and NFT printing, to monetize the increasing use of cryptocurrencies.

according to a Reuters report, the chip will ship later this year. The chip's first customer was Block Inc, a company led by Jack Dorsey that recently changed its name from Square Inc. The company is now focusing on blockchain development.

Blockchain functions as a public ledger that keeps records of transactions on a computer network and has become increasingly prominent in recent years. Their rise has also fueled rumors surrounding words like "Web.3" and "NFT" touting the decentralization of technology.

Intel says its chips are energy-efficient "accelerators" designed to speed up blockchain tasks that require large amounts of computing power and thus consume a lot of energy.

Chip designer Nvidia Corp, whose graphics cards are used extensively for mining activity, also has a separate chip meant for Ethereum mining.

As part of advancing its footprint in the space, Intel has also formed a new segment called the Custom Compute Group within the Accelerated Compute and Graphics Systems business unit.

This marks the rise of Intel to continue to compete in chip technology that is now being enlivened by many of its competitors, including TSMC.