Biden loves Intel’s plan to produce semiconductors. What about Bitcoin mining?
Intel played a major role in President Biden’s State of the Union address. Highlighting the company’s plan to manufacture semiconductor chips in Ohio, he said, “Make more cars and semiconductors in America. More infrastructure and innovation in America.” Did he secretly approve? Intel’s plan to ASIC . to produce bitcoin miners? Or did he not know that those semiconductors are an integral part of those machines?
Make no mistake, semiconductor chips or integrated circuits are an integral part of almost every technological device around you. And Intel is a huge company with many products and many customers. Those semiconductors that Intel plans to produce are going to be everywhere. However, there’s no denying that ASICs are a big part of the company’s future plans.
Recently, NewsBTC quoted Intel’s CEO Pat Gelsinger proverb:
“Intel is about to bring forward a blockchain chip that is dramatically better. That’s an order of magnitude better in terms of power performance. In this way we help to solve the climate problem.”
Exaggerations aside, Pat Gelsinger was a major part of President Biden’s State of the Union address recently.
What did President Biden say about Intel?
One of Biden’s great success stories was Intel’s $20 billion investment in Ohio. The factory they want to build will produce semiconductor chips. There is a global shortage of it, and more than 170 industries depend on it. Today, the main producers of integrated circuits are China, South Korea and Taiwan. And those factories are working full-time to meet an ever-increasing demand.
Ohio in. Such as The Columbus Shipment put it:
“Intel plans to hire 3,000 employees at an average salary of $135,000. The project is also expected to create 7,000 construction jobs and 10,000 indirect jobs.
They also quote President Biden channeling his inner poet:
“If you travel 20 miles east of Columbus, Ohio, you will find 1,000 empty acres of land. It may not seem like much, but if you stop and look closely, you will see a ‘field of dreams’, the ground on which America’s future will be built.”
And then and there he called Pat Gelsinger by name, as the man to make it happen. However, President Biden did not mention bitcoin mining.
BTC price chart for 03/03/2022 on Bitstamp | Source: BTC/USD on TradingView.com
The US’s plan to manufacture semiconductors
The global chip shortage presents an obvious opportunity and the US wants to capitalize on it. Intel’s game is part of a bigger move. In the article “Bitcoin mining and the global semiconductor shortage are on a collision course,” security expert Shinobi informed us:
“The United States Senate recently passed the “American Innovation and Competition Act”, which will spend $52 billion dollars to increase domestic semiconductor manufacturing capacity, and the “CHIPs for America Actis being introduced in the Senate to create income tax credit for semiconductor companies.”
So Intel is going to take advantage of that. In addition, they are going to use those semiconductor chips to get aggressively into bitcoin mining. A company traditionally managed by the Chinese companies Bitmain and MicroBT. Can Intel compete with them? According to a recent SEC files NewsBTC reported onthey can:
When the world first heard about Intel’s ASIC ambitions, the company cleverly described the machines as “ultra-low-voltage energy-efficient.” How efficient will they actually be? Tom’s hardware answers:
“According to the list, the performance of the BMZ2 weighs in at 135 TH/s with an efficiency of 26 J/TH. In addition, the miner costs about half the cost of a competing Bitmain S19 Pro, while being 15% more efficient, rivaling the best hardware on the market from competing companies.
To better understand the plan, let’s quote Shinobi again:
“The dynamics of who can and cannot produce semiconductors in general is already coming to the forefront of politics as countries realize the importance of minimizing reliance on foreign actors to maintain such capability. It’s only a matter of time before how these issues relate to Bitcoin mining, too.”
President Biden and Intel are not playing around
As you can see, both President Biden and Intel have an ambitious game plan. Is bitcoin mining part of the plan? In the case of Intel, the answer is a definite yes. On the other hand, Joe Biden didn’t even mention the topic in his speech. However, it was always there in the background. At least in our opinion.
Let’s close with another quote from Biden’s State of the Union address:
“I have a better plan to fight inflation. Lower your costs, not your wages. Make more cars and semiconductors in America. More infrastructure and innovation in America.”
That’s great, but… as for that “fight inflation plan”… what about stopping the rampant money pressure?