Intel and its ‘Bonanza Mine’ chip

What are ASICs?

ASIC (Application Specific Integrated Circuit) is a specialized integrated circuit. It is a British corporation that first used it in 1981 to speed up graphics processing on personal computers. A chip that performs a specific number of operations with higher quality than a board or a chip that performs several functions at once. This significantly speeds up the workflow, making it essential for cost-effective mining of bitcoin, ethereum, and other digital currencies.

About the ‘Bonanza Mine’

The news of this chip broke out a few days ago. According to the news, Intel would present a new ‘Bonanza Mine’. It is an ASIC chip designed for ultra-low-voltage and energy-efficient Bitcoin mining. This chip is to be unveiled at the International Solid-State Circuits Conference (ISSCC) in February 2022. There is also information circulating that crypto-mining start-up GRIID has signed a long-term supply contract with Intel for its ‘BMZ2’ mining ASICs. The Intel supply agreement provides GRIID with fixed pricing for the BMZ2 ASICs for all orders placed prior to May 2023. This agreement gives GRIID 25% off the purchasing price of all Intel-designed ASICs till May 2025. This could bring in some competition as intel will have to compete with its own specialized ASIC for Bitcoin mining.

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