Intel Closes Sale For Its Upcoming Bitcoin Mining Chip

Market person successful machine spot manufacturing Intel has already secured astatine slightest 1 purchaser for its upcoming bitcoin mining chips, according to a registration connection filed past period with the U.S. Securities and Exchange Commission (SEC).

The woody was archetypal reported by Fox Business and provides bitcoin miner GRIID with fixed-price bitcoin mining ASIC hardware by Intel for orders placed earlier May 2023 arsenic the world’s biggest chipmaker tiptoes into the industry.

Intel and GRIID agreed connected the acquisition this past September, but the disclosure was lone made nationalist a fewer months aboriginal done the filing.

“On September 8, 2021, GRIID entered to a proviso agreement…pursuant to which GRIID whitethorn acquisition Intel-designed BZM2 ASICs,” the S-4 filing states. “The Intel Supply Agreement is for an archetypal four-year word and volition automatically renew thereafter for 1 one-year play unless either enactment provides astatine slightest 90 days’ announcement anterior to the extremity of the archetypal four-year term.”

The statement besides provisions that, taxable to unspecified conditions, GRIID volition beryllium entitled to acquisition astatine slightest 1 4th of each qualified Intel-designed ASICs done astir May 2025.

Financial details of the transaction were not disclosed successful the transcript of the woody that was made publicly available, nor were show accusation of the caller chips.

Intel is expected to marque further details nationalist astir its upcoming chips built specifically for bitcoin mining astatine the ISSCC league successful February. The elephantine chipmaker volition big a panel, called “Bonanza Mine: An Ultra-Low-Voltage Energy-Efficient Bitcoin Mining ASIC,” successful the “highlighted Chip Releases: Digital/ML” track, to astir apt contiguous its caller miner.

GRIID, which is preparing to spell nationalist done a merger with a peculiar intent acquisition institution (SPAC), is the archetypal known purchaser of Intel’s ASICs for bitcoin mining. GRIID is expected to beryllium valued astatine much than $3 cardinal aft the merging process.