It\u2019s official, Intel is part of the bitcoin mining business. The gargantuan technology company announced its \u201cultra-low-voltage energy-efficient\u201d ASIC chip barely six months ago, and it\u2019s already here. Under normal circumstances, infrastructural support from a multinational company like Intel would be tremendous for the bitcoin market. How will it react in the middle of all this chaos? Will it react at all? The news didn\u2019t immediately do much, but the long-term effect remains to be seen.<\/p>\n
Intel AXG Custom Compute team is now shipping the Blockscale ASIC! First product will always be unforgettable, congratulations team Excited to see how @ArgoBlockchain @griid and @HiveBlockchain improvise around Blockscale and our open design. pic.twitter.com\/0rxtNTLMfw<\/p>\n
\u2014 Raja Koduri (Bali Makaradhwaja) (@RajaXg) June 29, 2022<\/p>\n\n
Raja Koduri, Intel\u2019s Architecture, Graphics and Software (IAGS) division\u2019s senior vice president, recently tweeted:\u00a0<\/p>\n
\u201cIntel AXG Custom Compute team is now shipping the Blockscale ASIC! First product will always be unforgettable, congratulations team. Excited to see how Argo, Griid and Hive improvise around Blockscale and our open design.\u201d<\/p>\n
Notably absent from the list is BLOCK, Jack Dorsey\u2019s company. Does that mean something or is BLOCK just fourth on the list? Three months ago, Bitcoinist quoted Raja Koduri emphatically saying:<\/p>\n
\u201cOur blockchain accelerator will ship later this year. We are engaged directly with customers that share our sustainability goals. Argo Blockchain, BLOCK (formerly known as Square) and GRIID Infrastructure are among our first customers for this upcoming product.\u201d<\/p>\n
The Bitcoin Miners React To Intel\u2019s Announcement<\/p>\n
Green mining company Hive was the first to react, they tweeted \u201cHIVE is proud to have partnered with Intel, and we can\u2019t wait to put the new ASICs to good use mining BTC!\u201d A few months ago, the company was much more eloquent in a press release NewsBTC quoted. \u201cThese 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.\u201d<\/p>\n
$HIVE is proud to have partnered with @intel, and we can\u2019t wait to put the new ASICs to good use mining $BTC! https:\/\/t.co\/qDWKnU95MI<\/p>\n
\u2014 H I V E (@HiveBlockchain) June 29, 2022<\/p>\n\n
For their part, Argo also went the simple route and tweeted. \u201cThanks, Raja Koduri and Intel. We\u2019re 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.\u201d That new player, ePIC Blockchain Technologies produces self-proclaimed \u201cNorth American Designed ASIC RIGs.\u201d So, innovation and customization are on the way.<\/p>\n
Thanks, @RajaXg and @intel. We’re excited to be innovating with these new ASIC chips in our custom immersion mining rigs. Our thanks to @ePICBlockchain for joining us on the ride. https:\/\/t.co\/pKlxDjkm08<\/p>\n
\u2014 Argo (@ArgoBlockchain) June 29, 2022<\/p>\n\n
Last but not least, let\u2019s remember Raja Koduri\u2019s words when Intel\u2019s bitcoin mining experiment started:\u00a0<\/p>\n
\u201cToday, 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 and promote an open and secure blockchain ecosystem and will help advance this technology in a responsible and sustainable way.\u201d\u00a0\u00a0<\/p>\n
Remember that statement as we pass to the next section.<\/p>\n\n
BTC price chart for 07\/04\/2022 on Bitfinex | Source: BTC\/USD on TradingView.com
\nMainstream Media Mocks Intel<\/p>\n
In the eyes of mainstream media, bitcoin or anything related to it can\u2019t do anything right. And this bear-market-of-sorts we\u2019re into gives them the perfect ammunition to attack the technology and the billion-dollar market around it. Luckily, bitcoin doesn\u2019t care. In the first mainstream article about Intel shipping its Blockscale ASIC chips ahead of time, The Register starts with valuable information:<\/p>\n
\u201cBlockscale is shipping a couple days ahead of Intel\u2019s previously stated release window for the third quarter, which begins Friday. Even if it\u2019s 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.\u201d<\/p>\n
Only to then, start dunking on bitcoiners and Intel alike. They start with this:<\/p>\n
\u201cExperts 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.\u201d<\/p>\n
And then, they dedicate 1000 words to the market\u2019s condition instead of discussing Intel\u2019s SEG energy-efficient intentions. Or the perfectly executed roll-out strategy that the company exhibited these last few months. Or the fact that bitcoin is humanity\u2019s only hope.<\/p>\n
Featured Image: Blockscale promotional image from this tweet | Charts by TradingView<\/p>","protected":false},"excerpt":{"rendered":"
<\/p>\n
It\u2019s official, Intel is part of the bitcoin mining business. The gargantuan technology company announced its \u201cultra-low-voltage energy-efficient\u201d ASIC chip barely six months ago, and it\u2019s already here. Under normal circumstances, infrastructural support from a multinational company like Intel would be tremendous for the bitcoin market. How will it react in the middle of all this chaos? Will it react at all? The news didn\u2019t immediately do much, but the long-term effect remains to be seen.<\/p>\n
Intel AXG Custom Compute team is now shipping the Blockscale ASIC! First product will always be unforgettable, congratulations team Excited to see how @ArgoBlockchain @griid and @HiveBlockchain improvise around Blockscale and our open design. pic.twitter.com\/0rxtNTLMfw<\/p>\n
\u2014 Raja Koduri (Bali Makaradhwaja) (@RajaXg) June 29, 2022<\/p>\n
Raja Koduri, Intel\u2019s Architecture, Graphics and Software (IAGS) division\u2019s senior vice president, recently tweeted:\u00a0<\/p>\n
\u201cIntel AXG Custom Compute team is now shipping the Blockscale ASIC! First product will always be unforgettable, congratulations team. Excited to see how Argo, Griid and Hive improvise around Blockscale and our open design.\u201d<\/p>\n
Notably absent from the list is BLOCK, Jack Dorsey\u2019s company. Does that mean something or is BLOCK just fourth on the list? Three months ago, Bitcoinist quoted Raja Koduri emphatically saying:<\/p>\n
\u201cOur blockchain accelerator will ship later this year. We are engaged directly with customers that share our sustainability goals. Argo Blockchain, BLOCK (formerly known as Square) and GRIID Infrastructure are among our first customers for this upcoming product.\u201d<\/p>\n
The Bitcoin Miners React To Intel\u2019s Announcement<\/p>\n
Green mining company Hive was the first to react, they tweeted \u201cHIVE is proud to have partnered with Intel, and we can\u2019t wait to put the new ASICs to good use mining BTC!\u201d A few months ago, the company was much more eloquent in a press release NewsBTC quoted. \u201cThese 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.\u201d<\/p>\n
$HIVE is proud to have partnered with @intel, and we can\u2019t wait to put the new ASICs to good use mining $BTC! https:\/\/t.co\/qDWKnU95MI<\/p>\n
\u2014 H I V E (@HiveBlockchain) June 29, 2022<\/p>\n
For their part, Argo also went the simple route and tweeted. \u201cThanks, Raja Koduri and Intel. We\u2019re 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.\u201d That new player, ePIC Blockchain Technologies produces self-proclaimed \u201cNorth American Designed ASIC RIGs.\u201d So, innovation and customization are on the way.<\/p>\n
Thanks, @RajaXg and @intel. We’re excited to be innovating with these new ASIC chips in our custom immersion mining rigs. Our thanks to @ePICBlockchain for joining us on the ride. https:\/\/t.co\/pKlxDjkm08<\/p>\n
\u2014 Argo (@ArgoBlockchain) June 29, 2022<\/p>\n
Last but not least, let\u2019s remember Raja Koduri\u2019s words when Intel\u2019s bitcoin mining experiment started:\u00a0<\/p>\n
\u201cToday, 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 and promote an open and secure blockchain ecosystem and will help advance this technology in a responsible and sustainable way.\u201d\u00a0\u00a0<\/p>\n
Remember that statement as we pass to the next section.<\/p>\n
BTC price chart for 07\/04\/2022 on Bitfinex | Source: BTC\/USD on TradingView.com
\nMainstream Media Mocks Intel<\/p>\n
In the eyes of mainstream media, bitcoin or anything related to it can\u2019t do anything right. And this bear-market-of-sorts we\u2019re into gives them the perfect ammunition to attack the technology and the billion-dollar market around it. Luckily, bitcoin doesn\u2019t care. In the first mainstream article about Intel shipping its Blockscale ASIC chips ahead of time, The Register starts with valuable information:<\/p>\n
\u201cBlockscale is shipping a couple days ahead of Intel\u2019s previously stated release window for the third quarter, which begins Friday. Even if it\u2019s 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.\u201d<\/p>\n
Only to then, start dunking on bitcoiners and Intel alike. They start with this:<\/p>\n
\u201cExperts 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.\u201d<\/p>\n
And then, they dedicate 1000 words to the market\u2019s condition instead of discussing Intel\u2019s SEG energy-efficient intentions. Or the perfectly executed roll-out strategy that the company exhibited these last few months. Or the fact that bitcoin is humanity\u2019s only hope.<\/p>\n
Featured Image: Blockscale promotional image from this tweet | Charts by TradingView<\/p>\n
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