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Wednesday, August 10, 2022

Intel is set to to produce a Bitcoin mining chip

Intel is set to enter the Bitcoin mining business. No, this doesn’t mean that it will set up mining farms, though it probably could if it wanted to. Rather, Intel is set to produce a bitcoin mining ASIC (application specific integrated circuit). The report comes via Tom’s Hardware stating that Intel is set to unveil its ‘Bonanza Mine’ chip for mining Bitcoin at the upcoming International Solid-State Circuits Conference (ISSCC). 

Earlier today, Fox Business reported that crypto-mining startup GRIID has signed a contract with Intel to buy ‘BMZ2’ mining ASICs.  According to the company’s S-4 filing, it’s already signed a supply agreement and that its initial orders are on track to be delivered in 2022. GRIID is said to have reserved a portion of production capacity until May 2025 which would indicate the company, and likely others too plan to buy a lot of them.

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