Despite chip efficiency and a $63 million increase in revenue in 2022, Intel has discontinued Bitcoin mining chips

Efficient but costly, Intel ends its Blockscale 1000-series Bitcoin-mining ASICs amid focus on IDM 2.0 strategy.

On April 18, Intel said that the first-generation Blockscale 1000-series Bitcoin-mining ASICs would no longer be available, despite the fact that the chips increased revenue and efficiency in 2022, up from 2021.

Tom’s Hardware first reported the announcement, which stated that the decision to discontinue the chips was based on “a tighter focus on its IDM 2.0 operations.”

The chip, on the other hand, was a part of the Accelerated Computing Systems and Graphics Group (AXG) revenue segment, which saw an increase of $63 million in 2022 compared to 2021.

financial performance

Efficient but not cost-efficient

Through 2022, at least one public Bitcoin (BTC) mining company used Intel Blockscale 1000-series chips, which proved to be both effective and profitable.

Using Intel Bitcoin-mining ASICs, the Canadian Bitcoin mining company Hive Blockchain mined 213.8 BTC, or $3.15 million, in December 2022.

However, Intel’s operating income costs Year-over-Year (YOY) increased by almost 50% to $1.7 billion in 2022 from $1.2 billion in 2021, despite the improvement in efficiency and profitability provided by Intel’s Blockscale 1000-series chips.

According to Intel’s annual report, these operating expenses were caused “by increased inventory reserves taken and investments” in its product roadmap.

Intel aimed to accelerate its IDM 2.0 strategy by “investing in manufacturing capacity around the world,” committing to “delivering five technology nodes in four years” in 2022, one of which was the initial Intel Blockscale ASIC.

“impacted by an uncertain macroeconomic environment arising from inflation, the war in Ukraine, and COVID-19 shutdowns in [its] supply chain in China,” Intel stated of its results for 2022.

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Causation of the discontinuation

The additional $500 million in yearly operating costs in 2022 bolster Intel’s justification for discontinuing its Bitcoin-mining chips, bolstering the firm’s final decision.

The company stated the following regarding the IDM 2.0 strategy:

“Though we aggressively adjusted capital investments in 2022 to respond to changing business conditions, we still made significant investments in support of our IDM 2.0 strategy during the year.”

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