Intel, a major US-based technology company, has recently announced its plan to discontinue the production of Blockscale Bitcoin mining chips to reduce costs.
According to a Reuters report on April 18th, the company will stop taking orders for the Blockscale 1000 Series ASICs by October 20th, 2023 and end shipping by April 2024.
Intel has stated that this decision is part of their strategy to prioritise the production of specific chips to outside customers and to reduce overall costs. Intel launched the Blockscale mining chips in April 2022, which boasted a hash rate of up to 580 gigahash per second and were used by several mining firms such as Argo Blockchain, Block, Hive Blockchain Technologies, and GRIID Infrastructure.
Pat Gelsinger, the CEO of Intel, took a 25% pay cut in February. The company has projected to achieve annual cost savings of up to $10 billion by 2026 through cost-cutting initiatives and efficiency gains. Despite discontinuing the mining chips, Intel stated it would keep an eye on market opportunities in the crypto space.