Chipmaker Intel stated on Tuesday it has discontinued manufacturing of its bitcoin mining chip collection, only a 12 months after its introduction.
A rout within the cryptocurrency market harm some chip firms together with Nvidia, whose high-end graphics chips grew to become well-liked for crypto mining.
Intel expects to cease taking orders for the collection, known as Blockscale, by October 20 this 12 months and finish transport by April 20 subsequent 12 months, in keeping with a doc on the corporate’s web site.
“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,” an organization spokesperson stated.
IDM 2.0 refers to Intel’s technique to outsource its chip making to exterior clients, whereas it continues to ramp up its personal manufacturing of smaller and quicker chips.
Intel stated it can proceed to “monitor market opportunities” within the cryptocurrency area.
Argo Blockchain, Block, Hive Blockchain Technologies and GRIID Infrastructure had been Intel’s first clients for the chips.
Earlier this 12 months, Intel introduced that that it had made broad cuts to worker and government pay, per week after the corporate issued a lower-than-expected gross sales forecast pushed by a lack of market share to rivals and a PC market downturn.
The reductions will vary from 5 p.c of base pay for mid-level staff to as a lot as 25 p.c for Chief Executive Pat Gelsinger, whereas the corporate’s hourly workforce’s pay won’t be minimize, stated an individual acquainted with the matter who was not authorised to talk publicly.
Intel spokesperson Addy Burr stated in a press release that the “changes are designed to impact our executive population more significantly and will help support the investments and overall workforce.”
© Thomson Reuters 2023
