Intel is set to to produce a Bitcoin mining chip

pcgamer.com:

Intel is set to enter the Bitcoin mining business. No this doesn’t mean that it will set up mining farms, though it probably could if it wanted to. Rather, Intel is set to produce a bitcoin mining ASIC (application specific integrated circuit). The report comes via Tom’s Hardware stating that Intel is set to unveil its ‘Bonanza Mine’ chip for mining Bitcoin at the upcoming International Solid-State Circuits Conference (ISSCC). 

Earlier today, Fox Business reported that crypto-mining startup GRIID has signed a contract with Intel to buy ‘BMZ2’ mining ASICs.  According to the company’s S-4 filing, it’s already signed a supply agreement and that its initial orders are on track to be delivered in 2022. GRIID is said to have reserved a portion of production capacity until May 2025 which would indicate the company, and likely others too plan to buy a lot of them.

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Intel’s chip will go up against those from Bitmain, currently the largest supplier of bitcoin mining hardware. It remains to be seen how Intel’s chip will perform, but given that hash rates and hashes per watt are essentially the only thing that matters, Intel will have its work cut out. Though with its advanced process technologies and vertical integration, it is well placed to make a success of it compared to other Bitcoin ASIC designers, which rely on external foundries for manufacturing.

Bitcoin mining is different from the mining that causes havoc in the GPU markets. The Bitcoin mining algorithm uses SHA-256 and ASICs can be developed specifically to mine Bitcoin. However, while Bitcoin mining machines are very expensive and energy intensive, they are still far