Intel is on a Bitcoin ‘Bonanza’ with its latest reported chip deal
Mining Bitcoin requires a lot of power, but Intel is trying to change that.
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What you need to know
Intel is expected to announce its new Bonanza Mine chips in February 2022. They are said to be able to make mining Bitcoin more energy efficient than the current offerings on the market, allowing companies and individuals to obtain cryptocurrency without having to use as much power. According to an S-4 filing spotted byFox Business, a Bitcoin mining startup called GRIID will be the first to use Intel’s Bonanza Mine processors.
“We have entered into a definitive supply contract with Intel to provide ASICs that we expect to fuel our growth. The initial order will supply units to be delivered in 2022 and GRIID will have access to a significant share of Intel’s future production volumes,” said GRIID in a filing with the US Securities and Exchange Commission (viaHotHardware).
Bonanza Mine Chips, also called BZM2 ASICS (application-specific integrated circuits), could increase the profit margins of crypto mining companies such as GRIID.Mining Bitcoinrequires a lot of energy, which is increasingly expensive. By lowering the energy required to mine cryptocurrency, GRIID and other companies could significantly lower their costs.
It’s expected that Intel will officially announce its Bonanza Mine chips at the International Solid-State Circuits Conference in February 2022.
Bitcoin and other forms of cryptocurrency have been under increased scrutiny recently due to their impact on the environment. Russia recently proposed a ban on mining crypto. Reducing the environmental footprint of mining cryptocurrency could help the image of the emerging technology.
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Sean Endicott is a tech journalist at Windows Central, specializing in Windows, Microsoft software, AI, and PCs. He’s covered major launches, from Windows 10 and 11 to the rise of AI tools like ChatGPT. Sean’s journey began with the Lumia 740, leading to strong ties with app developers. Outside writing, he coaches American football, utilizing Microsoft services to manage his team. He studied broadcast journalism at Nottingham Trent University and is active on X @SeanEndicott_ and Threads @sean_endicott_.
