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Intel launches blockchain chip to tap crypto boom

Intel Corp has recently launched a new chip for blockchain applications, such as Bitcoin mining and minting NFTs, to cash in on the rising usage of cryptocurrencies, reports Reuters.

The chip will ship later this year, says the report, and the first customers include Block Inc, the Jack Dorsey-led firm that recently changed its name from Square Inc to highlight its growing focus on the blockchain.

Intel’s Blockchain Accelerator Chip (Image: Intel)

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 Corp, whose graphics cards are used widely for mining activities, also has a separate chip meant for Ethereum mining, says Reuters.

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