The chip will be available later this year, with Block Inc, the Jack Dorsey-led company that just changed its name from Square Inc to emphasize its expanding focus on blockchain, among the first customers. To cash in on the growing popularity of cryptocurrencies, Intel Corp announced a new processor for blockchain applications such as Bitcoin mining and minting NFTs on Friday.
The chip will be available later this year, with Block Inc, the Jack Dorsey-led company that just changed its name from Square Inc to emphasize its expanding focus on blockchain, among the first customers.
Blockchains, which are distributed ledgers that keep track of transactions on a network of computers, has gained popularity in recent years. Their development has also sparked interest in terms like “Web.3” and “NFTs,” which promote technology decentralization.
Intel’s device is an energy-efficient “accelerator” meant to speed up blockchain processes that require a lot of computer power and so burn a lot of energy, according to the company. Nvidia Corp, a chip vendor whose graphics cards are extensively used for mining, also offers a specialized chip for Ethereum mining. Intel has created a new section dubbed Custom Computer Group within its Accelerated Computing Systems and Graphics business unit to expand its footprint in the field.
Bitcoin Mining:
Bitcoin mining is a high-energy process using specialized mining devices competing to solve mathematical riddles. Bitcoin is awarded to the miner who solves the challenge first. The bitcoin mining process also verifies and trusts transactions on the cryptocurrency’s network. It takes 10 minutes to mine a Bitcoin block. This means that in principle, it will take just 10 minutes to mine 1 BTC (as part of the 6.25 BTC payout) (as part of the 6.25 BTC reward).
The legality of Bitcoin mining is totally dependent on your location. The notion of Bitcoin may pose a threat to fiat currency dominance and government control of financial markets. As a result, Bitcoin is entirely banned in several jurisdictions.
If a miner successfully adds a block to the blockchain, they will be rewarded with 6.25 bitcoins. Every four years, or every 210,000 blocks, the incentive value is lowered in half. Bitcoin was trading at roughly $43,000 in January 2022, making 6.25 bitcoins worth nearly $270,000.
On your smartphone, you may mine Bitcoin or any other cryptocurrency. This is the same technique as mobile crypto mining, only on a smaller scale. A smartphone can be used to join a mining pool. The computing power of your smartphone is then added to the system.
What is NFT (Non-fungible token)?
NFTs, or non-fungible tokens, are cryptographic assets on the blockchain that include unique identification codes and metadata that identify them from one another. They cannot be traded or exchanged for equivalency, unlike cryptocurrencies. Each NFT is a virtual baseball trading card that represents a real-world object such as music, video, an in-game item, or a virtual baseball trading card. These digital assets are often purchased and sold online using cryptocurrencies. Physical money and bitcoin are both “fungible,” which means they can be traded for one another.
NFTs are individual tokens that contain useful information. They can be purchased and sold like other physical pieces of art because their worth is mostly determined by market and demand. The unique data on NFTs makes it simple to verify and confirm their ownership as well as token transfers between owners. NFTs are quite frequent and bought and traded by the majority of the digital community due to their enormous popularity. As an investment, NFTs are a relatively safe way to make money; nevertheless, the profit depends on the asset’s longevity and luck. Some NFT investors have had bad luck. However, it is a worthwhile investment in the long run.