Following a cryptocurrency market rout, Intel discontinues production of its Bitcoin mining chip series.
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Although the company no longer produces the Intel Blockscale 1000 Series ASIC, it still promises to service clients.
The production of Intel's bitcoin mining chip series has been halted, the chipmaker announced on Tuesday, just one year after its launch.
Some chip manufacturers were impacted by the collapse of the cryptocurrency sector, including Nvidia, whose premium graphics processors were used frequently for mining cryptocurrencies.
According to a document posted on the business website, Intel anticipates stopping order-taking for the Blockscale series by October 20 of this year and ending shipping by April 20 of the next year.
A company spokeswoman said, "While we continue to assist our Blockscale customers, we have end-of-life the Intel Blockscale 1000 Series ASIC as we prioritize our efforts in IDM 2.0.
IDM 2.0 is the term used to describe Intel's plan to contract out the manufacturing of its chips to external clients while simultaneously increasing its own output of smaller, faster chips.
It was said by Intel that it would keep "monitoring market opportunities" in the Bitcoin industry.
The initial users of Intel's chips were Argo Blockchain, Block, Hive Blockchain Technologies, and GRIID Infrastructure.
A week after the business provided a lower-than-anticipated sales projection due to a decline in the PC market and a loss of market share to competitors, Intel stated earlier this year that it has made significant pay cutbacks to both employees and executives.
An individual with knowledge of the situation who was not entitled to speak publicly said that the hourly staff's pay will not be affected. For mid-level employees, the cutbacks will be as little as 5% of basic pay and as high as 25% for Chief Executive Pat Gelsinger.
The reductions will range from 5% of the basic salary for mid-level staff to as much as 25% for Chief Executive Pat Gelsinger.
According to a statement from Intel spokesman Addy Burr, the "changes are designed to impact our executive population more significantly and will help support the investments and overall workforce."
