Crypto Ripple Effect? Intel Ditches Production Of Bitcoin Mining Chip Following Meltdown - Intel (NASDAQ:INTC)

Intel Corp 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 ARBK, Block, Inc SQ, Hive Blockchain Technologies Ltd 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 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.