Major U.S.-based technology firm Intel has reportedly announced plans to discontinue its Blockscale line of bitcoin mining chips as part of an effort to cut costs.
The semiconductor chipmaker will stop taking orders for Blockscale's 1000-series ASICs by Oct. 20, with shipments ending around April 2024, Reuters reported on April 18. Provide certain chips to external customers, thereby reducing overall costs. Intel launched its Blockscale mining chips in April 2022, saying at the time that the ASIC hardware had a hash rate of up to 580 gigahashes per second, with each chip able to be combined and combined into a single mining unit. Mining companies Argo Blockchain, Block, Hive Blockchain Technologies and GRIID Infrastructure are among the first to integrate the technology into their operations.
Intel CEO Pat Gelsinger reportedly took a 25% pay cut in February, and the company expects annual cost cuts of up to $10 billion by 2026 due to cost-cutting moves and efficiency gains . Intel reportedly said it plans to continue monitoring “market opportunities” in the crypto space after it stops mining chips.
