Intel, the tech giant that had promised to advance blockchain technology with its Blockscale 1000 Series ASICs, has had to call time on its Bitcoin mining venture one year after launch.
The Blockscale 1000 Series ASICs, consisting of 1160, 1140, and 1120 models, have been discontinued and Intel has no plans to produce a new generation of the product. An Intel spokesperson commented to Tom’s Hardware that the company is “prioritizing [its] investments in IDM 2.0,” thus ending the initial one-year commitment to the Blockscale venture.
ASICs were created with a specific purpose in mind – in this case, Bitcoin mining – making them far more efficient than a traditional GPU or CPU. It seems that the performance of Bitcoin this year – it’s currently worth about half of its peak in 2021 – has likely contributed to the decision, as well as counteracting the increasing operating costs involved in the project.
The closure of the Blockscale project follows Intel’s other decisions to lay off personnel and cut funding for an upcoming data center. However, that does not mean the tech giant is giving up on the sector entirely. In fact, Intel maintains that its commitment to IDM 2.0 operations is ongoing and that it will continue to monitor the market for opportunities in regards to its Bitcoin ASICs – suggesting they may one day return.
Intel is a technology company based in Santa Clara, California in the United States. It produces a wide range of hardware products and also creates software related to artificial intelligence (AI). Intel has been a powerful presence in the tech world since its founding in 1968 and has now become an industry leader in the computer hardware market.
Tom’s Hardware is an American based digital publication covering hardware topics. It was founded in 1994 and has since become a trusted source of hardware-related information, with content often being referenced in other publications.
