American technology company Intel has revealed some details about its new Bitcoin mining chip. It was announced during the IEEE International Solid-State Circuits Conference (ISSCC) 2022. The conference is centered around an industry that manufactures chips and electronics in general.
Intel mentioned in its reports that the new 2nd generation Bonanza Mine chips will operate at 3,600 Watts. This would be the highest performance used for Bitcoin mining. The company's 2018 reports show that its goal was to reduce energy consumption by approximately 15%. The Bonanza mine chips will be ultra-low voltage and very energy efficient.
Intel is not afraid of competitors
Intel is fully aware of its competitors such as Bitmain, MicroBT and NVidia. However, they are showing confidence in competing with such well-placed players.
Bitmain's Antmienr S19j Pro 104T miner is currently operating at 104 Thash/s at 3,068W. Its newest product, however, is operating at 140 Thash/s at 3010W. Even without the chip being launched, it has already won several customers. Some of them are BLOCK (CEO Jack Dorsey), Argo Blockchain and GRIID Infrastructure.
The main objective is to increase Bitcoin (BTC) mining efficiency. The Bonanza mine (BMZ2) would deliver 40 terahashes per second (40 TH/s).
BMZ2 chips will consume 2,293W power for 40 TH/s performance. This is considered low power consumption, around 56.97 joules per terahash (J/Th).
Each Bonanza Mine ASIC has 258 mining engines. They will be computed in parallel with double SHA256 hashes. Intel says these motors will run at a voltage of 355mV, which they characterized as low.
An ASIC is consuming an average of 7.5W each, reaching 137 Ghash/s. Each motor will operate from 1.35 to 1.6 GHz at 75 degrees Celsius.
Sustainable solutions for blockchains to unlock their full potential
Many believe that BMZ2 will be very beneficial for Bitcoin and efficient mining. Bob Burnett said this will be a bullish move for the industry. He is one of the former Intel employees from Divvy Systems/Barefoot Mining.
Intel has confirmed that it has been working on a new cryptocurrency accelerator for a few years now. They are serving the crypto mining hardware market which helps them grow as well. One of the reasons is its huge production capacity.
Some would say this is all a surprise. However, there were many signs. In 2013, Intel produced SHA extensions for hardware-accelerated hashing operations.
By the end of 2022, Intel will start offering chips to consumers. Its first customer, GRIID, expects to receive around 25% of the initial ASIC reservation by 2025. The first Bonanza chip has already done wonders, so expectations for the BMZ2 are already very high.