Intel Announces Discontinuing Bitcoin Mining Chips Launched Last Year

• The firm has promised that final shipments would occur no later than April 20, 2024.
• It would cease production in order to concentrate on its IDM 2.0 initiatives.

Intel’s announcement on Tuesday that it will stop producing its flagship brand of Bitcoin mining chips came as a surprise to the cryptocurrency community and the larger crypto-mining market. Furthermore, the firm has promised that final shipments would occur no later than April 20, 2024.

Intel has announced that it would cease taking orders for its Blockscale series of mining processors, which were launched only last year, on October 20. It was announced in the middle of 2022 that the company will begin offering Bitcoin mining services to clients such as Argo Blockchain (ARBK), Block (SQ), Griid Infrastructure, and Hive Blockchain (HIVE).

Focusing on IDM 2.0 Initiatives

Intel has declared that it would cease production of Blockscale ASICs in order to concentrate on its IDM 2.0 initiatives. In the midst of a company-wide restructuring and reorganization, this decision is consistent with the company’s recent history of withdrawing from other companies.

Intel’s strategy to grow the number of companies that purchase its semiconductors and the company’s own production of smaller, faster processors is laid out in IDM 2.0. While it continues to assist its Blockscale clients, the Intel Blockscale 1000 Series ASIC has reached its end of life as the shift of focus is now on IDM 2.0.

The firm stated:

“As we prioritize our investments in IDM 2.0, we have end-of-lifed the Intel Blockscale 1000 Series ASIC while we continue to support our Blockscale customers.”

Tom’s Hardware asked Intel whether they planned to stop making Bitcoin ASICs altogether, and the company said, “We continue to monitor market opportunities.”