There is a lot of money to make from cryptocurrency, whether you’re a miner or a components maker. That said, whether we like it or not, Intel is also entering the mining business.

As per the report, Intel will start producing a bitcoin mining application-specific integrated circuit (ASIC). It’s said that the “Bonanza Mine” chip will make its debut at the upcoming International Solid-State Circuits Conference (ISSCC).


Another report suggests that GRIID, a crypto mining startup, has signed a deal with Intel to buy its BMZ3 mining ASICs. Apparently, the two already signed a supply agreement with the first deliveries happening in 2022.

GRIID is also said to have reserved a part of its production capacity until May 2025, hinting that other brands may also be planning on acquiring one.

Once in, Intel will be competing with Bitmain, which is currently the biggest source of hardware used for bitcoin mining.

Despite Intel’s entrance, it looks like it wouldn’t translate to GPU supply easing. Bitcoin mining utilizes SHA-256 and ASICs can be designed specifically to mine Bitcoin.

But one thing’s for sure: electricity consumption in a lot of countries will go up higher, which may further alert environmentalists.

Intel is expected to reveal its new mining chip on February 23 at ISSCC.


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