The chip will ship later this year and its first customers include Block Inc, the company led by Jack Dorsey that recently changed its name from Square Inc to focus more on blockchain.
Intel says its new chip is an energy-efficient ‘accelerator’ designed to accelerate blockchain tasks that require large (energy-consuming) computing power.
Intel has even formed a new segment called the Custom Compute Group within its Accelerated Computing Systems and Graphics business unit.
On the other hand, chip designer Nvidia Corp, whose graphics cards are used extensively for mining activities, also has a separate chip meant for Ethereum mining.
Blockchain functions as a public ledger that keeps records of transactions on a computer network and this technology has become increasingly prominent in recent years.
The blockchain trend has also fueled rumors surrounding “Web.3” and “NFT” touting decentralized technology.