One chip one equals zero – It’s a mining race that ends prematurely for Intel. The electronics giant had announced with great fanfare in April 2022 embark on the bitcoin mining adventure. A 2.0 gold rush that came to a halt. Explanations.
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Intel Creates a Bitcoin Mining Machine and Then Walks Away
In April 2022, Intel entered the Bitcoin mining race. Their objective ? Collect their piece of the crypto pie by stepping on the flowerbeds of the leader Bitmain. The firm then highlighted the performance of its chip “ Intel Blockscale ASIC with a hash rate of 580 GH/s. Grouped with 255 of its sisters, the Intel chip thus made it possible to provide a power of 148 TH/s to ASICs, these devices dedicated to Bitcoin mining. A great performance when you know that Bitmain’s Antminer was then blocked at 140 TH/s.
However, this is now a thing of the past. Intel has decided to cut ties, cast off, return the apron… In short, point aside, the race is over. According to a Reuters report published on Tuesday April 18, the giant Intel stop taking orders. And this, from next October. The company should also stop shipments of products by April 2024. A delay probably necessary in order to honor all orders.
Among the customers, well-known mining farms like Argo BlockchainBlock, Hive Blockchain Technologies or even GRIID Infrastructure.
The source of this judgment? According to its CEO, Pat Gelsingerit would be lower the costs in this difficult time. The company has announced a target of $10 billion spending cut for the company by 2026. Their Bitcoin mining chip manufacturing business, which is among the most recent projects launched, bears the brunt of this directly.
Intel, however, specifies that it retains a great interest in the sector and will continue to monitor its development in the coming years. Not sure, however, that the competition is wisely waiting for Intel at a time when technology continues to evolve at high speed.
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