Intel dumps its Bitcoin mining Blockscale chips

Reprensentational image depitcting a mine worker toiling to mine cryptocurrency
(Image credit: Yevhen Vitte / Shutterstock)

Intel has announced the closure of its Blockscale application-specific integrated circuits (ASICs) just one year after launch.

When the company initially announced the launch of its Blockscale 1000 Series twelve months ago, it promised a commitment to advancing blockchain technology in which the Blockscale ASIC would help Bitcoin mining companies to “achieve both sustainability and hash rate scaling objectives.”

Now, though, the 1160, 1140, and 1120 ASICs have been deprecated with no plans for a second-generation, leaving early investors having to find an alternative solution.

Intel Blockscale ASICs discontinued

More specifically, an Intel spokesperson told Tom’s Hardware:

“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.”

Intels ASICs were designed with mining in mind, making them quicker and more effective than GPUs and CPUs.

It’s unclear why exactly the chip maker decided to stop offering the year-old products, but some believe the poor performance of Bitcoin could be partly to blame, currently sitting at less than half of its 2021 peak. Increased operating costs are also to blame for the product’s end-of-life.

More broadly, Intel has not been immune from the effects of a precarious economy, having announced a series of small-scale layoffs earlier this year. Like many other companies, it has also cut funding to numerous projects including an upcoming data center.

Looking ahead, the company’s commitment to IDM 2.0 operations is one that is cited frequently and clearly remains an active part of its goal. Intel also told Tom’s Hardware that it would “continue to monitor market opportunities” per Bitcoin ASIC operations, indicating that a complete exit from the sector is unlikely.

Craig Hale

With several years’ experience freelancing in tech and automotive circles, Craig’s specific interests lie in technology that is designed to better our lives, including AI and ML, productivity aids, and smart fitness. He is also passionate about cars and the decarbonisation of personal transportation. As an avid bargain-hunter, you can be sure that any deal Craig finds is top value!