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- 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
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.
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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.
