Intel Has Reportedly Pulled the Plug on Its Crypto Chip

Intel has reportedly pulled the plug on its crypto chip after less than a year since it was launched. The firm would not even reveal to enthusiasts if the business is still alive or dead. The company also plans to draw the curtain on LTE and 5G modems as well.

Intel Crypto Chip

Intel Crypto Chip

Intel last June just shipped out its very first Bitcoin-mining chip, the Blockscale 100 ASIC, but at this moment it’s already dead. The company has now discontinued its services less than a year later without even announcing a new chip to succeed it according to Tom’s Hardware.

With this new development, does it mean that Intel is already done with crypto chips after going forward with the idea last February? Well, maybe. Intel has however dodged a question from Tom’s Hardware in regards to whether the company would be exiting the Bitcoin ASIC business, stating only, “We continue to monitor market opportunities.”

The Effect of the Timing of Intel’s Crypto Chip Business

The timing of Intel seems to have been rather unfortunate. This is due to the fact that between the time Intel announced the chip and the time it reportedly shipped, Bitcoin had fallen considerably by more than half which is from a high of over $47,000 per coin to under $19,000 each. That being said, Bitcoin is now back over $30,000 just today after a five-month climb from its last November lows.

But a resurgent Bitcoin in this case might just not be enough. We currently live in a very different tech industry than we did back in mid-2022 as the larger crypto winter has shaken a lot of faith placed in blockchain tech, AI has now become the hot new investment instead, and it now seems like practically every tech company is tightening its belts and grips and shaking off less-than-core businesses and this is including Intel.

Other Intel News and Announcements

CEO of Intel has been public with his views that he plans to prune to the tune of $8–10 billion in cuts by the year 2025. The company exited the prebuilt server business just in the previous week and has also confirmed that it would exit its cellular modem business which is no more 5G or LTE from Intel back in March.

Raja Koduri Left Intel in March

The graphics architect, Raja Koduri, who headed this crypto chip initiative reportedly left Intel back in March.



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