Intel is investing in blockchain technology with a latest chip designed to mine cryptos. On Friday the chipmaker said that it will start selling the chip customized to mine Bitcoin and other cryptos later this year. Block, (previously Square) and two mining businesses, Grid Infrastructure and Agro Blockchain, are among the first customers. Mining is a computationally-intensive process for cryptos that records transactions on a globally shared database called as the blockchain. A new coin is awarded to the first miner who overcomes a challenging computing task.

In a post, General Manager and Senior Vice President of Intel’s Accelerated Computing Systems and Graphics Group Raja M Koduri said the firm declares its ‘intent to contribute to the progress of blockchain technologies, with a roadmap of energy-efficient accelerators’.

He added that the firm will indulge and promote a secure and open blockchain ecosystem and will aid advance this technology in a sustainable and responsible manner. Intel will launch its first crypto-based chip, termed ‘blockchain accelerator’ later this year. The chips are developed on a ‘small piece of silicon’ to reduce the impact they would have on the supply of current products. Intel also declared the formation of a custom compute group within its Accelerated Computing System and Graphics business unit to develop the silicon platform for blockchain and other computing applications.