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- Intel Corp (NASDAQ: INTC) halted production of its Bitcoin mining chip series just a year after its introduction.
- Intel expects to stop taking orders for the series, called Blockscale, by October 20 this year and end shipping by April 20, 2024, Reuters cites the company.
- "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.
- Also Read: Coinbase Fails To Catch Bitcoin's $30K Rally, Analyst Predicts Near 60% Downside
- IDM 2.0 refers to Intel's strategy to outsource its chip-making to outside customers while it continues to ramp up its production of smaller and faster chips.
- Intel said it would continue to "monitor market opportunities" in the cryptocurrency space.
- Argo Blockchain Plc (NASDAQ: ARBK), Block, Inc (NYSE: SQ), Hive Blockchain Technologies Ltd (NASDAQ: HIVE), and GRIID Infrastructure were Intel's first customers for the chips.
- A rout in the cryptocurrency market hurt some chip companies, including Nvidia Corp (NASDAQ: NVDA), whose high-end graphics chips became famous for crypto mining.
- Price Action: INTC shares traded lower by 1.35% at $31.40 premarket on the last check Wednesday.
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