Cryptocurrency

Intel’s Energy-Efficient ASIC Chip Launched for Bitcoin Mining

Intel launched its latest Bitcoin mining ASIC on the 20th of February. It is an energy-efficient second-generation Bitcoin mining chip that has been christened “Bonanza Mine.”

An Innovators Pedigree

The CEO of Intel Corporation, Patrick Gelsinger, had, on the 16th of February, stated how the company’s expected crypto mining chip would help to resolve issues associated with Bitcoin’s climate concerns. 

Per what is stated on his LinkedIn page, Gelsinger began his career in October 1979 when he became the senior vice president and the GM at Digital Enterprise Group, and he remained in those positions for thirty years. For a period of five years, beginning in 2000, he took the role of the company’s Chief Technical Officer. He was also the president and Chief Operating Officer of EMC from 2009 to 2012, and the CEO of VMware from 2012 to 2021 before he went on to be Intel’s CEO in February 2021.

His latest comments regarding Bitcoin was with Bloomberg’s Emily Chang who reminded him during an interview what he said in 2019 that Bitcoin was a bad design, it was extreme, and that it was climate-intolerant. The interviewer asked him if he still felt the same way.

Gelsinger went on to answer that he indeed still holds those views. He stated that one ledger entry in Bitcoin could consume energy sufficient to power a house for close to a day. He said that was a climate crisis at that time, and the more it was used, the worse things would get. 

Gelsinger, however, clarified that at Intel, they believe strongly that they should be shaping technology as a catalyst for good. Saying, if Bitcoin was being mined with so much energy, it doesn’t mean that it’s not a good technology but it was not being used properly.

New Visions from the Existing

With further regards to the blockchain chip, AXG Intel Group Senior Vice President and GM, Raja Koduri, announced on the 11th of February that the team at Intel were declaring their intention to contribute to the further development of blockchain technology with a plan of energy-efficient mining. He said further that Intel was going to engage and support a secure and open blockchain space, and will aid the advancement of these technologies in a sustainable and responsible way of use.

According to reports, the new Bonanza Mine (BMZ2) chip is a completely low voltage energy-saving Bitcoin mining application-specific integrated circuit that can generate up to 40 terahashes/sec performance. It is said further that the architecture of the BMZ2 is to follow after the first-generation model chip, the BMZ1, which has more than 300 chips powered with a 3600W miner, all working to generate 40 terahashes/sec in the right environment.      

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