Update: Intel's Bitcoin-Mining Chip “Bonanza” Bags Mining Startup As First Client

According to FOX Business, Bitcoin mining company GRIID has secured a partnership with Intel, the world’s largest chipmaker, to mine Bitcoin using energy-efficient ways.

GRIID, based in Ohio, is slated to go public on the New York Stock Exchange via a SPAC merger in the coming weeks, with a valuation of $3.3 billion. The symbol for the stock will be “GRDI.”

Intel Enters Crypto Market With A Bang
On Jan 18, we reported that Intel will demonstrate a new “Bonanza Mine” ASIC, chip designer for ultra-low-voltage and energy-efficient Bitcoin mining, at the upcoming ISSCC conference. GRIID, a crypto-mining business due to go public on the NYSE for an estimated $3.3 billion in the coming days, has struck a long-term contract with Intel for its “BMZ2” mining ASICs, according to Fox Business.

GRIID made the announcement in its S-4 filing, which details its ambitions to build three industrial-scale facilities with a total capacity of 48 megawatts. According to the company’s filing, it has mining ASIC contracts with both Bitmain and MicroBT, but it has also “[…] has signed a binding supply contract with Intel to supply ASICs that will help us accelerate our expansion. GRIID will have access to a major portion of Intel’s future production volumes as part of the initial order, which will be delivered in 2022.”

The chips are marketed as “ultra-low voltage, energy-efficient Bitcoin mining ACIS” by Intel, although little else is known about the product.


by Anifowoshe Ibrahim