"Perhaps Intel wants to focus on other things, that's why they don't want to release BTC mining chips."
The chip maker giant Intel that will stop production of its Bitcoin (BTC) mining chip line from April 20, 2024 has shocked the entire community including the cryptocurrency mining sector.
Through an official statement released by Intel, the company will stop accepting orders for the Blockscale mining chip series by October 20, where it was launched only last year.
Earlier in the middle of 2022, Intel intends to enter the BTC mining sector with its initial customers being Argo Blockchain (ARBK), Block (SQ), Grid Infrastructure and Hive Blockchain (HIVE).
However, Intel announced the discontinuation of Blockscale ASIC as part of its move to exit some businesses during a company-wide restructuring and reorganization process for IDM 2.0 operations.
The goal of IDM 2.0 is to increase the number of customers who produce semiconductors and increase their own output of smaller chips.
So far, Intel still hasn't revealed any next-generation BTC mining equipment but the Blockscale ASIC chip has been shown offline.
In response to Tom Hardware's question about whether Intel will leave the BTC ASIC sector entirely, the company stated that they will monitor market opportunities at scale.
As of this writing, BTC price has surged by 3.24% to $30,331 in the last 24 hours with a market cap of $586 billion and posted a gain of around 0.38% over the last week.
