Intel, a prominent US-based technology company, is reportedly planning to discontinue its line of Blockscale Bitcoin mining chips as part of its cost-cutting efforts.
According to a report on April 18th, Intel will cease taking orders for the Blockscale 1000 Series ASICs by October 20th, and shipping will end by April 2024. This move is part of a strategy to prioritize the manufacturing of certain chips for external customers and reduce overall costs.
Blockscale mining chips were launched in April 2022, with mining companies such as Argo Blockchain, Block, Hive Blockchain Technologies, and GRIID Infrastructure among the first to integrate the technology into their operations.
Intel CEO Pat Gelsinger reported a 25% pay cut in February, with the company projecting annual cost reductions of up to $10 billion through cost-cutting measures and efficiency gains by 2026. Despite discontinuing mining chips, Intel plans to continue monitoring “market opportunities” in the crypto space.