Bitcoin Mining in Peril: Intel Ditches Chip Support
According to recent news, Chipmaking giant Intel highlights when it comes to the broader crypto mining sector and crypto community; it will stop producing the bitcoin mining Chip Support flagship line.
Furthermore, the company highlighted that the shipping of the last product will be on 20 April 2024.
Key Takeaways:
- Intel is stopping production of its flagship Blockscale series of Bitcoin mining Chip Support by April 20, 2024.
- This is to focus on its IDM 2.0 operations and restructure the company.
- Intel has not announced plans for its next generation of Bitcoin mining equipment, and Blockscale ASIC landing sites are offline.
- Intel will continue to support its Blackscale customers but is leaving the Bitcoin ASIC sector.
- Intel’s decision could impact the broader crypto-mining sector and community.
Crypto Nyan took to Twitter and made an annulment about the breaking news that Intel disclosed to not supporting the Bitcoin Miners.
Why does Intel stop supporting mining Chips? The company released the official statement that by 20 October, intel predicts they will stop taking orders from mining chips Blockscale series.
In the middle of 2022, the company entered the Bitcoin mining sector. The Hive Blockchain (HIVE), Griid Infrastructure, Argo Blockchain (ARBK), and Block (SQ) are the initial customers of the company.
Intel announced to stop supporting Blockscale ASICs. They said that the reason behind ceasing this is the tighter focus of the company on its IDM 2.0 operations. This company action aligns with other existing businesses in the reorganizing and restructuring process company-wide.
John Morgan took to Twitter to announce that Intel, a chip manufacturing platform, stated it is time to leave the Bitcoin Mining game, as it also stopped producing the flagship ASICs.
Moreover, Intel is planning to increase the number of its customers. They produce semiconductors for their clients. While they also increase the faster and smaller outputs of chips.
The 54-year-old tech firm stated while talking about the recent closure. According to him, they prioritize their funding in IDM 2.0. Moreover, they continue to support their Blackscale customers but the end-of-lifted the Intel Blockscale.
Has Intel Left the Mining sector completely? Intel does not reveal any Bitcoin mining equipment’s next generation. Also, its Blockscale ASIC landing sites go offline. However, Tom asked the question to intel.
All In One Crypto App took to Twitter to make an announcement that the intel company will stop accepting the Blockscale series of mining chips by 20 October.
Whether or not Intel left the Bitcoin ASIC sector completely? The company said that we continue our deep eye on the opportunities of the market.
Moreover, to encourage future opportunities, intel manufactured the chip that challenges MicroBT and Bitmain as the most effective monopolists in the crypto market sector. Consequently, the price of Bitcoin in exchanging hands at $30,374. In the past 24 hours, it comes by 3.15%. On the other hand, in the last seven days, it increases to 0.61%.