Semiconductor giant Intel has officially announced its crypto mining initiative.
Intel also revealed that Argo Blockchain and Jack Dorsey-led Block will receive the chipmaker’s first mining chips later this year.
Intel first revealed that it was working on a mining application-specific integrated circuit (ASIC) dubbed “Bonanza Mine” in January, when a product release was included in the agenda for an upcoming semiconductor conference.
Griid Infrastructure has also entered into a supply agreement for Intel’s new mining ASICs.
As part of the agreement, Intel has guaranteed that it will sell at least 25% of its mining ASICs production to Griid until 2025.
Intel also announced a Custom Compute Group within its Accelerated Computing Systems and Graphics unit, which will build custom silicon platforms for blockchain and other types of computing.
Block, led by Twitter’s founder, is building an open-source bitcoin mining system, aiming to make the network more decentralized.