Intel launched its Blockscale mining chips in April 2022, saying at the time that the ASIC hardware would have a hash rate of up to 580 gigahash per second, with each chip able to be combined and merged into a single mining module.
According to a Reuters report, the semiconductor manufacturer will stop taking orders for Blockscale 1000 Series ASICs by October 20 and will end shipping them around April 2024.
Intel reportedly said the move is aimed at its strategy of prioritizing the manufacturing of some chips to external customers, reducing overall costs.
Intel launched its Blockscale mining chips in April 2022, saying at the time that the ASIC hardware would have a hash rate of up to 580 gigahash per second, with each chip able to be combined and merged into a single mining module.
Mining companies Argo Blockchain, Block, Hive Blockchain Technologies and GRIID Infrastructure were among the first companies to incorporate the technology into their operations.
Intel CEO Pat Gelsinger reportedly took a 25% pay cut in February, and the company is forecasting annual cost reductions of up to $10 billion due to cost reduction and efficiency initiatives by 2026.
Intel reportedly said it plans to continue to monitor “market opportunities” in the crypto space after the mining chip shutdown.
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