United States-based chip manufacturing giant Intel has decided to terminate its line of Bitcoin mining processors as part of cost-cutting measures.
It has only been a year since Intel began making mining chips, yet the company is suddenly exiting the market.
Mining groups such as Argo Blockchain, Block, Hive Blockchain Technologies, and GRIID Infrastructure were among the first companies to adopt Intel technology into their operations. Intel’s apparent exit from the market comes as Bitcoin is on the rise again, it recently broke $30,000 for the first time in nearly a year.
According to Intel’s statement, the company’s tighter focus on its IDM 2.0 operations is the reason behind the decision to end the Blockscale ASICs. This has frequently been cited as the reason why the company has exited several businesses amid companywide belt-tightening.
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