The Chipmaker Giant, Intel Corp discontinued production of its bitcoin mining chip series on Tuesday, just after a year it launched the service.
A cryptocurrency market downturn harmed certain semiconductor businesses, including Nvidia Corp and Intel which are popular in the arena of crypto mining for its high-end graphics chips.
According to a document published on the company’s website, Intel expects to stop taking orders for the Blockscale series by October 20 this year and to stop shipping by April 20 next year.
Also Read: Intel, Nvidia Sees a Decline in the Demand of Crypto Mining Chips
An executive from the company mentioned that “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.”
IDM 2.0 is Intel’s strategy to continue to ramp up its own production of smaller and faster chips and outsource its chip making. Intel said it will continue to “monitor market opportunities” in the cryptocurrency space.
Intel’s first customers for the processors were Argo Blockchain, Block Inc, Hive Blockchain Technologies, and GRIID Infrastructure.
Also read: Intel Launches Blockscale ASIC for Blockchain Acceleration
