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Reports indicate that Intel, one of the largest computer processor manufacturers, intends to reveal a new “Ultra-Low-Voltage Energy-Efficient Bitcoin Mining ASIC” known as Bonanza Mine at the upcoming IEEE International Solid-State Circuits Conference in February 2022. 

Intel submitted a patent in November 2018 outlining similar ideas for “high-performance Bitcoin Mining.” It is suspected that the processes described in the patent could make their way into the product being shown off at the ISSCC.

According to the patent, the ASIC behind the Bonanza Mine will be able to finish calculations just as effectively as other ASICs while eliminating the need for repeated or redundant computations. This system is proposed to reduce overall power consumption by approximately 15%.

The processors used for mining crypto are notorious for being subject to shortages and diminishing sales. Intel would become a competitor against companies like Bitmain, with a proposed Ether ASIC still pending release and Nvidia, a company that was also struck by multiple instances of declining chip sales. Demand for crypto mining has been rising steadily despite constant processor shortages and inconsistent production costs. 

Representatives from Intel seemed confident in regards to entering the crypto mining industry and with the new chip, commenting:

“Intel has done design work around SHA 256 optimized ASICs for several years beginning with pathfinding work done in Intel Labs.”

At the time of publication, it is unclear whether Intel will release the Bonanza Mine for retail sale or if it will be strictly for industrial or research purposes. Regardless, this could potentially catapult Intel into becoming a main competitor within the crypto-mining industry.