Launched just around a year ago, these chips were specially designed for mining and gained some fame amongst large corporations investing in crypto mining
American multinational corporation and technology company, Intel has announced that it is discontinuing the production of its Bitcoin mining chip series called ‘Blockscale’. Launched just around a year ago, these chips were specially designed for mining and were proven to be one of the cleanest and most powerful mining chips in the market.
Intel, while announcing the discontinuation said that it will take its final orders for the series by October 20 2023 and will deliver these orders by April 20 2024.
Analysts believe that this discontinuation comes as a result of a shift in the crypto industry, where major crypto currencies such as Ethereum are shifting towards a POS mechanism that discourages mining. Apart from a POS shift, the crypto markets are also experiencing a large amount of uncertainty where a lot of cryptocurrencies hit their lows last year.
As a result of all these quick and uncertain changes, many companies directly or indirectly involved in the crypto mining business are going to experience some challenges. Apart from Intel another example includes Nvidia Corp, a company whose high-end graphics chips are famous amongst crypto miners.
“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,” said Intel while announcing the end of its Blockscale series.
But what is IDM 2.0? In simpler terms the IDM 2.0 is an Intel initiative that will allow the company to outsource the production of its regular chips to outside customers so that the company can focus all its energies towards making faster and more advanced chips.
While Intel has announced the end of its Blockscale series, the company is still optimistic about the crypto industry. We will continue to “monitor market opportunities in the cryptocurrency space,” said the company.