Major US-based technology company Intel has reportedly announced plans to discontinue its Blockscale Bitcoin line of mining chips as part of cost-cutting efforts.
According to a Reuters report on April 18, the semiconductor chip manufacturing company arrest receive orders for the Blockscale 1000 series ASICs by October 20 and finalize shipment in approximately April 2024. Intel reportedly said the move was aimed at a strategy of prioritizing manufacturing of certain chips for external customers, reducing overall costs.
Intel released Blockscale mining chips in April 2022, saying at the time that ASIC hardware would have a hash rate of up to 580 gigahash per second with each chip capable of mixing and merging into a single mining unit. Mining companies Argo Blockchain, Block, Hive Blockchain Technologies, and GRIID Infrastructure were among the first companies to integrate the technology into their operations.
Related: The Economics of Cryptocurrency Mining: Costs, Revenues, and Market Trends
Intel CEO Pat Gelsinger reportedly took a 25% pay cut in February, with the company projecting annual cost reductions of up to $10 billion due to cost reduction initiatives and efficiency gains by 2026. Intel reportedly said it planned to continue monitoring "opportunities market" in the crypto space after mining chips.
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