Intel announced through its newsroom the introduction of a new and better ASIC chip for bitcoin mining. This invention comes at a time where more computing power needs arises in the crypto world. Furthermore, the energy consumption by previous chips during the mining process is a worrying pain point for most miners.
Intel’s BTC Mining Chips Production
As per the company, it will ship the first chips to companies such as the Hive blockchain, Block inc., and Agro blockchain. However, it is ready to work with more customers following the vision of the companies it is partnering with. The announcement also revealed that the first shipping of the ASIC chips will be in the third quarter of this year.
The revolutionary Blockscale chip is a new era of greater computing power for mining companies with energy efficient results. It agrees that the proof of work consensus algorithm is power consuming, costing involved parties huge capital inputs to sustain the process.
A thing impressing the whole crypto community is the chip’s ability to produce up to 580 GH/S, while sustaining power efficiency of up to 26 TH/s. Moreover, it can sustain up to 256 integrated circuits on every chain. Additional features include the chip’s ability to monitor its temperature and voltage.
Intel Progressing the Blockchain Industry
There is a growing need for increased supply of ASIC chips for bitcoin miners in the global industry. However, the value the production companies are creating for their customers still has far to go. Intel describes its vision for the bitcoin mining sector is to provide more value for customers instead of competing with other companies. As such, the ASIC Blockscale chip came into the picture after extensive research and development into the project.
Intel’s Vice President Balaji Kanigicherla hailed the progress in providing decentralized solutions for sectors globally, Likewise, he mentioned that Intel is dedicated to providing options for better hash rate throughput besides energy efficiency and lower power consumption. Also, the company wishes to provide solutions in a responsible way for sustainability for blockchain and bitcoin mining companies worldwide.
The Intel Blockscale ASIC chip has the flexibility to offer every customer whatever they need, depending on their mining needs. Its high performance rate is an additional advantage for the end users with energy efficiency creating more cost effective solutions for them. Intel also maintains that the supply of GPUs and CPUs will not falter during the delivering of the Blockscale chip global demands.
What Is the Future for Bitcoin Miners?
Besides this new release from Intel, other trending news came a few days ago concerning the mining of the 19 millionth bitcoin. This event places the remaining bitcoin to be mined in the future at a little less than 2 million. Considering that miners have managed to cover 19 millions coins in a little over a decade, it raises the question of how long the miners will be in the business.
Additionally, the next bitcoin halving is coming up in 2024, meant to reduce the mining rewards to a little over 3 BTC. That means lower advantages for the miners in the long run. Therefore, where do they expect to be in the next few decades?