Israeli Startup Raise Funds For Blockchain Chips
Blockchain technology adoption is increasing, with most businesses investigating it in some capacity. As blockchain technology becomes more prevalent, all types of users will require the most efficient access to its capabilities.
One response has been the creation of blockchain chips as energy-efficient accelerators. Chain Reaction, a Tel Aviv-based blockchain chip startup, announced on February 23 that it had raised $70 million to expand its engineering team in preparation for the development of its next chip.
An encrypted chip that allows access to data while encrypting it could aid in this.
In the first quarter of 2023, Chain Reaction plans to begin mass production of its current blockchain chip, Electrum. The chip is intended to facilitate fast and efficient hashing. It can also be used for cryptocurrency mining.
In February 2022, Intel launched a blockchain chip designed by Nvidia to accelerate energy-intensive blockchain tasks that require large amounts of computing power.
Nvidia also has a separate chip dedicated to Ethereum mining.
(With inputs from Shikha Singh)
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