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The chip will ship later this year and the first customers include Block Inc, the Jack Dorsey-led firm that recently changed its name from Square Inc (NYSE:SQ) to highlight its growing focus on the blockchain.
Blockchains serve as public ledgers that keep records of transactions on a network of computers and have grown in prominence in recent years. Their rise has also triggered a buzz around words like “Web.3” and “NFTs” that tout the decentralization of technologies.
Intel said its chip is an energy-efficient “accelerator” designed to speed up blockchain tasks that require huge amounts of computing power and thereby consume a lot of energy.
Chip designer Nvidia (NASDAQ:NVDA) Corp, whose graphics cards are used widely for mining activities, also has a separate chip meant for Ethereum mining.
As a part of furthering its footprint in the space, Intel has also formed a new segment called Custom Compute Group within its Accelerated Computing Systems and Graphics business unit.
