The chip will ship later this year and the first customers include Block Inc, the Jack Dorsey-led firm that recently changed its name from Square Inc to highlight its growing focus on the blockchain.

Blockchains serve as public ledgers that keep records of transactions on a network of computers and have grown in prominence in recent years. Their rise has also triggered a buzz around words like "Web.3" and "NFTs" that tout the decentralization of technologies.

Intel said its chip is an energy-efficient "accelerator" designed to speed up blockchain tasks that require huge amounts of computing power and thereby consume a lot of energy.

Chip designer Nvidia Corp, whose graphics cards are used widely for mining activities, also has a separate chip meant for Ethereum mining.

As a part of furthering its footprint in the space, Intel has also formed a new segment called Custom Compute Group within its Accelerated Computing Systems and Graphics business unit.

(Reporting by Chavi Mehta in Bengaluru; Editing by Aditya Soni)