GRIID: The first buyer of Intel mining processor
GRIID: The first buyer of Intel mining processor.
In a teaser released yesterday, Intel will announce its first Bitcoin crypto mining processor, the Bonanza Mine, at the ISSCC digital conference this weekend.
In the latest report, Intel has received its first Bonanza Mine customer, cryptocurrency mining startup GRIID.
GRIID, which plans to list on the New York Stock Exchange for $3.3 billion, became the first customer of Intel’s Bonanza Mine.
Fox Business revealed today that cryptocurrency startup GRIID has officially signed a long-term contract with Intel to take advantage of new ASIC-based processors.
Bonanza Mine is a unique ASIC processor that provides shallow voltage levels and remains energy efficient when mining Bitcoin.
Intel is mum on whether the chip is available for purchase or just a conceptual design.
In GRIID’s S-4 filing, the startup discussed plans to operate three industrial facilities, each processing 48 megawatts of power
. The document further explains that GRIID also has contracts with Bitmain and MicroBT to further control the ASIC mining market.
Discussing Intel’s involvement, GRIID said in its filing:
…..has a clear supply contract with Intel to supply ASICs, which we hope will facilitate our growth.
The initial order will provide quantities for deliveries in 2022, and GRIID will receive a significant share of Intel’s future production.
Bitcoin is mined through ASIC technology, which offers performance and efficiency advantages that graphics processors cannot provide.
Bitmain is currently the largest bitcoin mining platform as the company offers uniquely designed chips for large premiums, with MicroBT in second place.
However, Bitmain and MicroBT suffered from long lead times while charging incredibly high processor royalties.
The two companies can charge a hefty premium because they rely on third parties to design and manufacture the processors.
In addition, because the demand for technology is so great, and the unstable nature of digital currency mining, foundries such as TSMC will not give priority to these companies when manufacturing.
TSMC and other chip foundries will prioritize stable businesses over other competitors.
Companies like Nvidia provide cryptocurrency enthusiasts and miners with cryptocurrency mining graphics cards for mining Ethereum.