Intel To Halt Production of Bitcoin Mining Chips as Demand Dwindles: Report

Published on

numen cyber focuses on Web3 Security and Threat Detection and Response. They provide industry-leading Web3 Security Solutions, which
can completely cover cybersecurity requirements of all kinds.

Intel Corp has announced it has terminated the manufacturing of its bitcoin mining chip series, which was launched just a year ago.

The decline in the cryptocurrency market has impacted several chip manufacturers, including Nvidia Corp, whose top-of-the-line graphics chips were widely utilized for crypto mining.

As per a document posted on the company’s website, Intel intends to discontinue accepting orders for the Blockscale series by October 20th of this year, and shipping will cease by April 20th of next year.

“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,” a company spokesperson said.

IDM 2.0 refers to Intel’s strategy to outsource its chip making to outside customers, while it continues to ramp up its own production of smaller and faster chips.

Intel said it will continue to “monitor market opportunities” in the cryptocurrency space.

Intel’s initial clients for the chips were Argo Blockchain (ARB.L), Block Inc (SQ.N), Hive Blockchain Technologies(HIVE.V), and GRIID Infrastructure.

Image

Latest articles

SEC Takes First Enforcement Measure Against NFTs Regulatory Body Concludes Impact Theory’s NFTs Were Marketed as Unregistered Securities

U.S. regulatory authorities have mandated a Los Angeles company, which had previously issued non-fungible tokens (NFTs), to provide compensation to investors who had procured the aforementioned NFTs.

Binance Cuts Ties with Sanctioned Russian Banks Amid Regulatory Compliance Efforts

Binance has severed its affiliations with five Russian banks that were under sanctions, having been previously featured on the exchange's peer-to-peer platform for ruble fund transfers, the native currency of Russia.

Former OpenSea Employee Receives Three-Month Sentence in First NFT Insider Trading Lawsuit

A former employee of the NFT marketplace OpenSea has been sentenced to three months in prison on Tuesday in what federal prosecutors have characterized as the first case of insider trading involving digital tokens.

Crypto Market Takes a Dive, Bitcoin Slumps to Two-Month Low Amid Rate-Hike Concerns

In a dramatic turn of events on Thursday's early afternoon trading session, the cryptocurrency market witnessed a substantial downturn, plunging to its lowest point in two months.

More like this

SEC Takes First Enforcement Measure Against NFTs Regulatory Body Concludes Impact Theory’s NFTs Were Marketed as Unregistered Securities

U.S. regulatory authorities have mandated a Los Angeles company, which had previously issued non-fungible tokens (NFTs), to provide compensation to investors who had procured the aforementioned NFTs.

Binance Cuts Ties with Sanctioned Russian Banks Amid Regulatory Compliance Efforts

Binance has severed its affiliations with five Russian banks that were under sanctions, having been previously featured on the exchange's peer-to-peer platform for ruble fund transfers, the native currency of Russia.

Former OpenSea Employee Receives Three-Month Sentence in First NFT Insider Trading Lawsuit

A former employee of the NFT marketplace OpenSea has been sentenced to three months in prison on Tuesday in what federal prosecutors have characterized as the first case of insider trading involving digital tokens.