It’s not clear whether Intel will introduce an end product or just a prototype chip. As noted in a report by Tom’s Hardware, Intel has been working on foraying into the bitcoin market for quite some time. In 2018, the US Patent and Trademark Office granted the company a patent for efficiently mining cryptocurrencies that use the SHA-256 algorithm. Intel also disclosed a small stake in major cryptocurrency exchange Coinbase in August 2021.
Unlike CPU or GPU, ASIC is a chip that is designed for a specific task. In Intel’s case, this would be used for bitcoin mining. These chips focus solely on one type of work.
Often, graphics cards or GPUs are used for cryptocurrency mining. This is why many are associating the ongoing GPU shortage with Ethereum mining. People believe that miners are behind such a disappearance of GPUs from the market. However, Intel’s special mining chip named Bonanza Mine will not solve the problem of Ethereum mining, as the ASIC will be designed only for Bitcoin mining.<!–
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