Intel Waves Goodbye to Bitcoin Miners: Halts Chip Production, Reports Say

"Intel to Cease Production of Blockscale Bitcoin Mining Chips, Reportedly Halting Orders by October 20th"

Intel to Discontinue Blockscale Bitcoin Mining Chips

Major US-based technology company Intel has announced its plan to discontinue its line of Blockscale Bitcoin mining chips as part of its cost-cutting efforts. According to a Reuters report, the semiconductor chip manufacturing company will stop taking orders for the Blockscale 1000 Series ASICs by October 20 and end shipping roughly in April 2024. Intel reportedly said the move aimed at prioritizing the manufacturing of certain chips to outside customers, cutting overall costs.

Intel launched the Blockscale mining chips in April 2022, with a hash rate of up to 580 gigahash per second. Each chip was capable of being combined and merged into a single mining unit. Mining firms such as Argo Blockchain, Block, Hive Blockchain Technologies, and GRIID Infrastructure were among the first companies to integrate this technology into their operations.

Pat Gelsinger, the CEO at Intel, reportedly took a 25% pay cut in February, with the company projecting annual cost reductions of up to $10 billion due to cost-cutting initiatives and efficiency gains by 2026. Intel reportedly said it planned to continue monitoring “market opportunities” in the crypto space after discontinuing the mining chips.

Intel’s move to discontinue its line of Blockscale Bitcoin mining chips is a significant development in the crypto industry. The company’s decision to prioritize the manufacturing of certain chips to outside customers is a strategic move aimed at cutting overall costs. The decision is expected to impact the mining industry, as the Blockscale mining chips were popular among mining firms.

Intel’s decision to discontinue the Blockscale mining chips has raised concerns among mining firms that rely on this technology. The move is expected to impact the hash rate of Bitcoin mining, as the Blockscale mining chips were among the most powerful ASICs available in the market. Mining firms may have to look for alternative mining chips to maintain their hash rates.

The decision to discontinue the Blockscale mining chips comes at a time when the crypto industry is witnessing a surge in demand for mining chips. The rising popularity of cryptocurrencies has led to an increase in the number of miners, which has resulted in a shortage of mining chips. The shortage has led to a rise in the prices of mining chips, making it difficult for mining firms to maintain their operations.

Intel’s decision to discontinue the Blockscale mining chips is expected to have an impact on the prices of mining chips. The move is likely to increase the prices of alternative mining chips, as mining firms scramble to find replacements for the Blockscale mining chips. The rise in prices is expected to make it difficult for small-scale miners to maintain their operations.

The crypto industry is closely watching Intel’s move to discontinue the Blockscale mining chips. The decision is expected to have far-reaching implications on the mining industry, as mining firms look for alternative mining chips. The move is also expected to impact the hash rate of Bitcoin mining, as the Blockscale mining chips were among the most powerful ASICs available in the market.

Intel’s decision to discontinue the Blockscale mining chips is a reminder of the volatility of the crypto industry. The industry is constantly evolving, and companies need to be agile and adaptable to survive. Intel’s move to discontinue the mining chips is a strategic move aimed at cutting overall costs. The decision is expected to have an impact on the mining industry, as mining firms look for alternative mining chips.

In conclusion, Intel’s decision to discontinue its line of Blockscale Bitcoin mining chips is a significant development in the crypto industry. The move is aimed at cutting overall costs by prioritizing the manufacturing of certain chips to outside customers. The decision is expected to impact the mining industry, as mining firms look for alternative mining chips. The move is also expected to impact the hash rate of Bitcoin mining, as the Blockscale mining chips were among the most powerful ASICs available in the market.

Martin Reid

Martin Reid

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