Technology Giant Intel to Stop Producing Bitcoin Mining Chips!

  • Intel is ending production of its chips as part of cost-cutting plans.
  • The company will continue to monitor opportunities in the crypto market.

Silicon Valley tech giant Intel will soon stop producing Bitcoin mining chips!

Intel to Stop Producing Bitcoin Chips!

The US-based tech giant Intel has announced plans to end production of its Blockscale Bitcoin mining chip series as part of its cost-cutting efforts.

The semiconductor chip manufacturer will stop taking orders for the Blockscale 1000 Series ASICs by October 20 and shipments will end around April 2024. Intel said it had prioritized the production of certain chips for external customers as part of its overall cost-cutting strategy.

Intel released the Blockscale mining chips in April 2022, saying that each ASIC hardware chip could be combined into a single mining unit with a hash rate of 580 gigahashes per second. Mining firms Argo Blockchain, Block, Hive Blockchain Technologies, and GRIID Infrastructure were among the first companies to integrate the technology into their operations.

The Company Will Not Abandon the Crypto Space

Intel CEO Pat Gelsinger reportedly took a 25% pay cut in February and projected cost savings of up to $10 billion per year by 2026 due to cost-cutting initiatives and efficiency gains.

Intel said it would continue to monitor “market opportunities in the crypto space” after discontinuing mining chips.

Don't forget to enable notifications for our Twitter account and Telegram channel to stay informed about the latest cryptocurrency news.

BREAKING NEWS

Whale Trader pfm.eth Dumps 1,896 ETH at $4,196 Each, Incurring $250K Loss — On-Chain Analyst Report

COINOTAG reported on September 10 that on-chain analyst Ai...

Whale 0x6636 Opens 40x Bitcoin Long — 540 BTC (~$60M) with Leveraged SOL & SUI

COINOTAG reported on September 10 that, per lookonchain monitoring,...

Ethereum Liquidation Alert: $1.868B Short Pressure Above $4,400 vs $2.048B Long Cascade Below $4,200 on Major CEXs

Coinglass data indicates that should Ethereum surpass $4,400, the...

Whale Bro Ramps Ethereum Longs to 28,900 ETH at 15x Leverage — $1.72M Unrealized Loss, $2.08M Weekly Gain

COINOTAG reported on September 10, citing on-chain data, that...

LongLing Capital Deposits 4.065M WLD to Binance, Nets $3.84M Profit

COINOTAG News reports that on-chain monitoring by OnchainLens identified...
spot_imgspot_imgspot_img

Related Articles

spot_imgspot_imgspot_imgspot_img

Popular Categories

spot_imgspot_imgspot_img