It’s official, Intel is part of the bitcoin mining business. This is the huge technology company announced its “ultra-low-voltage energy-efficient” ASIC chip barely six months ago, and it’s already here. In normal conditions, the support of a multinational corporation like Intel for infrastructural development would prove to be hugely beneficial to bitcoin’s market. What will its reaction be in all of this chaos? Is it going to react? The news didn’t immediately do much, but the long-term effect remains to be seen.
The Blockscale ASIC is being shipped by the Intel AXG Custom Compute Team! Congratulations team! Your first product will be a lasting memory.👍
We are excited to find out how it works. @ArgoBlockchain @griid @HiveBlockchainBlockscale allows you to improvise. pic.twitter.com/0rxtNTLMfw— Raja Koduri (Bali Makaradhwaja) (@RajaXg) June 29, 2022
Raja Koduri, Intel’s Architecture, Graphics and Software (IAGS) division’s senior vice president, recently tweeted:
“Intel AXG Custom Compute team is now shipping the Blockscale ASIC! Congratulations team, your first product will be a lasting memory. Excited to see how Argo, Griid and Hive improvise around Blockscale and our open design.”
Notably absent from the list is BLOCK, Jack Dorsey’s company. Is that a sign of something? Or is BLOCK only fourth on this list? It was three months ago. Bitcoinist quoted Raja KoduriIt is clear that:
“Our blockchain accelerator will ship later this year. Our customers share our commitment to sustainability and we are actively engaged with them. Argo Blockchain, BLOCK (formerly known as Square) and GRIID Infrastructure are among our first customers for this upcoming product.”
The Bitcoin Miners React To Intel’s Announcement
Green mining company Hive was the first to react, they tweeted “HIVE is proud to have partnered with Intel, and we can’t wait to put the new ASICs to good use mining BTC!” A few months ago, the company was much more eloquent in A press release by NewsBTC was quoted. “These miners are expected to be delivered over a period of one year starting in the second half of calendar 2022, the effect of which, if they are all installed, would be an expected increase of up to 95% in our aggregate Bitcoin mining hashrate from 1.9 Exahash per second.”
$HIVEWe are proud to be a partner with @intel, and we can’t wait to put the new ASICs to good use mining $BTC! https://t.co/qDWKnU95MI
— H I V E (@HiveBlockchain) June 29, 2022
Argo, for their part went simple and tweet. “Thanks, Raja Koduri and Intel. We’re excited to be innovating with these new ASIC chips in our custom immersion mining rigs. Our thanks to ePIC Blockchain for joining us on the ride.” That new player, ePIC Blockchain Technologies produces self-proclaimed “North American Designed ASIC RIGs.” So, innovation and customization are on the way.
Thanks, @RajaXg and @intel. It’s exciting to innovate with these ASIC chips in custom immersion mining equipment. Our thanks to @ePICBlockchain for joining us on the ride. https://t.co/pKlxDjkm08
— Argo (@ArgoBlockchain) June 29, 2022
Last but not least, let’s remember Raja Koduri’s words when Intel’s bitcoin mining experiment started:
“Today, we at Intel are declaring our intent to contribute to the development of blockchain technologies, with a roadmap of energy-efficient accelerators. Intel will engage promote an open and secure blockchain ecosystem and will help advance this technology in a responsible and sustainable way.”
Keep that in mind as you move to the next section.
BTC Price Chart for 07/04/2022 On Bitfinex | Source: BTC/USD on TradingView.com
Mainstream Media Mocks Intel
In the eyes of mainstream media, bitcoin or anything related to it can’t do anything right. And this bear-market-of-sorts we’re into gives them the perfect ammunition to attack the technology and the billion-dollar market around it. Luckily, bitcoin doesn’t care. The first mainstream article on Intel’s Blockscale ASIC chip shipping ahead of schedule, Register opensGet valuable information
“Blockscale is shipping a couple days ahead of Intel’s previously stated release window for the third quarter, which begins Friday. Even if it’s a tiny head start, it is nonetheless an achievement for a corporation that is becoming notoriously under-schedule across multiple products, including the Sapphire Rapids server chips and the discrete Arc GPUs.”
Then, you can start sabotaging Intel and bitcoiners alike. You start by this:
“Experts and company officials are warning that the world of blockchain-fueled digital currencies is entering a crypto winter, a period where the value of virtual coins plunge and remain low. This last happened between early 2018 and mid-2020.”
And then, they dedicate 1000 words to the market’s condition instead of discussing Intel’s SEG energy-efficient intentions. The company’s flawlessly executed rollout strategy over the last few months. Or the fact that bitcoin is humanity’s only hope.
Blockscale promo imageCharts by TradingViewfrom this tweet | Charts by TradingView