Industry experts are optimistic that the entry of California-based chip-making giant Intel into the Bitcoin mining market could create more competition against dominating Chinese players, with better pricing models, maintenance services and more.
Last month, Intel was first found to have crypto mining plans underway after it was discovered that the firm scheduled a live Q&A session regarding an ultra-low voltage «BonanzaMine» processor.
According to a blog post by Intel senior vice president Raja M. Koduri earlier this month, some major buyers are already in line to be buyers of the first batch of chips late this year, including Jack Dorsey’s digital payment company Block and two mining firms Griid Infrastructure and Argo Blockchain.
Chinese Competition
Industry onlookers believe Intel’s entry will be healthy for competition in a market dominated by two Chinese players –Bitmain and MicroBT – due to proprietary technology used for high performance chips.
Expectations for stable pricing models (fixed, rather than floating), better maintenance services and closer vicinity to U.S. miners – the country replaced China as the top hub after Beijing’s ban in May last year – were cited as key drivers for Intel to win market share.
According to digital asset media firm «The Block», the global mining market generated $15 billion in revenue in 2021, more than double compared to the previous year.
