Intel has announced its second 2nd generation Bonanza mine chip, which features an energy efficient super low voltage mining ASIC designed specifically for mining Bitcoin. The new intel chip will provide miners with 40 Terahashes per second (40TH/s).
The Bonanza mine (ASIC) chip was unveiled during the ongoing 2022 International Solid-State Circuits Conference or (ISSCC). It will be a high performance 3,600 watt miner made up of 300 miniature efficient chips. The chip was designed from the ground up to perform very specific tasks like mining Bitcoin (BTC). The performance will expectedly provide 1,000 times greater mining capacity, per watt of energy that a standard GPU.
While Intel joining the Bitcoin mining industry is great for the overall space, it’s Bonanza Mine chip will face tough competition from competitors like Bitmain, who is the current market leader for bitcoin mining equipment. Intel’s chip will be able to output 40TH/s at 3,600 watts, however Bitmain’s latest miner performs at 140TH/s at only 3,010 watts of power.
What is Bitcoin Mining:
Bitcoin mining is the process of generating new bitcoins through solving exceptionally difficult math problems that verify and record transactions on the bitcoin network. Bitcoin miners compete to resolve these complex math problems called hashes, they require powerful computer hardware specifications and can consume large amounts of power. When a bitcoin miner/s wins, the miner is then rewarded with bitcoin. As the bitcoin network grows over time the mathematical difficulty and power required to mine new bitcoins increases and slows, however the network becomes more decentralized and secure as well.
Mining is the reason that members of the Bitcoin (BTC) network trust the public ledger of Bitcoin transactions even without a central authority to verify them.