Intel unveils new chip for blockchain applications, including Bitcoin mining (NASDAQ:INTC)

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Intel (NASDAQ:INTC) said on Friday that it was launching a new microprocessor for blockchain applications, including Bitcoin mining and creating non-fungible tokens, or NFTs, as it looks to compete with the likes of Nvidia (NASDAQ:NVDA) and Advanced Micro Devices (NASDAQ:AMD) in the space.

The new chips, which are comprised of the Bonanza Mine ASCIs, will be used by a number of customers this year, including Block (NYSE:SQ), Argo Blockchain and GRIID Infrastructure.

“We are mindful that some blockchains require an enormous amount of computing power, which unfortunately translates to an immense amount of energy,” Raja Koduri, Senior Vice President General Manager, Accelerated Computing Systems and Graphics Group, wrote in a blog post.

“Our customers are asking for scalable and sustainable solutions, which is why we are focusing our efforts on realizing the full potential of blockchain by developing the most energy-efficient computing technologies at scale,” Koduri added.

Intel shares were down slightly more than 0.5% to $48.57 in mid-day trading on Friday.

The chip will be available later this year and Intel has created a new segment for these chips, known as Custom Compute Group, housed inside of its Accelerated Computing Systems and Graphics unit.

Last month, Seeking Alpha reported that Intel would unveil a chip used for Bitcoin mining.

Earlier this week, Citi said Intel had gained some market share in the overall microprocessor market, but had lost ground to AMD in the all-important server market.

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